Crypto Weekly Hack Report: ThorChain, Phemex, and Meme Coin Scams Shake DeFi

This week has been a challenging one for decentralized finance (DeFi) projects and crypto exchanges, with major setbacks highlighting vulnerabilities in the ecosystem. ThorChain announced insolvency, leaving a $93 million deficit, while Singapore-based exchange Phemex suffered a $70 million hack.

Meanwhile, scams and malware targeting meme coins and crypto wallets have surged, posing new risks for investors and users alike.

ThorChain Faces Insolvency Crisis

ThorChain revealed a severe financial crisis, with $200 million in debts against $107 million in assets. To avoid a complete collapse and prevent a banking run, the team decided to suspend parts of its protocol for three months. This pause aims to provide time to develop a recovery strategy and stabilize the project’s finances.

Phemex Hack Costs $70 Million

A major security breach forced Singapore-based exchange Phemex to suffer over $70 million worth of losses. The security breach went after hot wallets leading to network losses from USDC and ETH alongside LINK and multiple other assets. Security investigators believe North Korean digital criminals orchestrated this attack because of their established history of conducting large-scale crypto crimes. 

Meme Coins Scammed: $TRUMP and $MELANIA

Trump-themed meme coins $TRUMP and $MELANIA became targets for scams, with fraudsters tricking investors through fake websites and social media accounts. These schemes exploited the growing hype around meme cryptocurrencies, netting scammers $1.25 million. The incidents highlight the risks of investing in viral but unregulated tokens.

Fake Google Ads Spread Malware

Internet hackers have started abusing fake Google Ads to create phoney versions of legitimate programs including Homebrew. Crypto wallet users are at serious risk because this malware steals critical sensitive wallet information including passwords together with wallet files. Security experts keep reminding crypto holders to inspect ads and always check the download URLs of software before installation.

Nasdaq X Account Hacked for $80 Million Scam

A hacking group accessed the Nasdaq X official account to boost the price of fake meme currency STONKS until it reached $80 million before its collapse. This exploit revealed fundamental weaknesses in prominent profiles while demonstrating the desperate requirement for strong security systems against similar attacks.

As cyberattacks and fraud grow more sophisticated, it is essential for investors and platforms to adopt enhanced security measures and stay vigilant to protect their assets and the broader market.