Tether Freezes Attacker’s Address After Funds are Drained
Tether, the company behind the USDT stablecoin, has frozen the address of an attacker who drained funds from several protocols. According to Tether CTO Paolo Ardoino, the attacker’s address received around $483,000 in various assets, including $44,000 in USDT. The wallet also interacted with the AngelDrainer phishing group and sent ETH to its wallets.
Tether Freezes Wallet to Prevent Further Transactions
By freezing the wallet, Tether has prevented any further transfer of USDT to other addresses. However, the wallet is still able to make other transactions.
DeFi Protocols Vulnerable Due to Hacked Code Repository
A code repository used by hardware wallet provider Ledger was hacked, leading to a malicious code being injected into victims’ wallets. This vulnerability affected the front-ends of various DeFi protocols. As a result, Kyber and RevokeCash disabled their front-ends and Sushi Swap CTO Matthew Lilley warned users against interacting with any dapps.
Ledger Issues Patch for Hacked Code
Ledger has released a patch for the hacked code in its Connect Kit version 1.1.8. The company stated that a former employee fell victim to a phishing attack, allowing the attacker to add new code and reroute funds using a rogue WalletConnect project. Ledger responded quickly to the incident and deployed a fix within 40 minutes.
Hot Take: Security Breaches Highlight Vulnerabilities in Crypto Space
The recent security breaches involving Tether and Ledger highlight the vulnerabilities that exist in the crypto space. These incidents serve as reminders for users to exercise caution when interacting with digital assets and to implement strong security measures. It is crucial for companies and individuals to stay vigilant, keep their software up to date, and be aware of potential phishing attacks. As the crypto industry continues to grow, it is important to prioritize security to protect both users and their funds.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon’s work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.
