Weekly Crypto Hack Report: $50 Million in Losses Reveals Security Crisis

This week, the crypto world has been shocked by a series of devastating security breaches. Major platforms, once seen as safe and secure, have fallen victim to major attacks, leaving millions of dollars vulnerable to theft.

It’s important to know about how these incidents unfolded. Read on.

Radiant Capital Suffers Second Hack for $50 Million

Radiant Capital, a decentralized finance (DeFi) lending platform, was hit by its second major hack this year, resulting in a staggering loss of $50 million. The attackers compromised three of the eleven private keys that control the platform’s multi-signature wallet, allowing them to change smart contracts and steal funds. The stolen assets included various cryptocurrencies such as USDC, wBNB, and ETH.

This latest breach follows an earlier exploit in January when Radiant lost $4.5 million due to an unresolved vulnerability in Compound Finance’s code. The recurrence raises serious concerns about the platform’s security measures and its ability to protect user funds.

Pepe Token Targeted

In another incident, a phishing attack stole $1.39 million worth of assets, primarily in cartoon-themed PEPE tokens. The attacker used the “Permit2” phishing technique, tricking victims into signing a fake address, which then enabled the theft of PEPE and APU tokens.

This incident highlights the ongoing risks associated with phishing in the crypto space, particularly through signature-based permissions.

DNS Hijacking Aims for Ambient Finance

Decentralized exchange protocol Ambient Finance also fell victim to a DNS hijacking attack, which allowed the hacker to take control of the platform’s domain. Users were advised to temporarily stop using the platform until further notice. This incident underscores the weaknesses in web infrastructure within the crypto sector, despite efforts to enhance security for blockchain projects.

EigenLayer’s X Account Compromised!

The experimental Ethereum-based re-staking platform EigenLayer was also targeted this week. Its official X account was hacked and used to share phishing links. The team quickly warned users to avoid engaging with these fake posts.

Such incidents are still evident in the crypto world to show that there is still room for improvement as a defensive mechanism to advance security in DeFi and blockchain solutions.

Don’t let these hacks deter you. Educate yourself, be cautious, and continue to support the crypto revolution.