Stay Alert: MonoSwap Security Breach
On July 24, MonoSwap advised its users to act quickly and withdraw their funds due to a security breach that exposed their wallets and contracts to unauthorized access.
MonoSwap Affected by Phishing Attack
Recently, MonoSwap faced a phishing attack that targeted one of its developers, resulting in hackers gaining access to critical systems and withdrawing a significant amount of staked liquidity.
– The developer was tricked into installing a malicious software during a call with scammers disguised as venture capitalists.
– The attackers installed a botnet on his office PC, which granted them access to MonoSwap-related wallets and contracts.
– As a result, most of the staked liquidity positions were withdrawn, causing damage to the protocol.
The company is currently investigating the attack and planning their next steps to address the issue. Despite the setback, they are focused on resolving the situation and moving forward after the unfortunate incident.
Decline in Crypto Hacks During April and June
A significant decrease in crypto hacks was observed in June, with reported losses amounting to $176 million, marking a 54.2% reduction from the previous month’s $385 million. Key highlights include:
– The BtcTurk exchange experienced the biggest crypto heist in June, resulting in losses over $100 million.
– UK-based centralized exchange Lykke also suffered a major breach, with losses totaling $22 million.
– DeFi sector saw breaches as well, with lending protocol falling victim to a large exploit, making it the third-largest incident of the month.
Moreover, in April, the security firm CertiK reported a downturn in hack and scam losses, with only $25.7 million lost to various exploits, marking a new low since 2021. The analysis revealed:
– A significant decrease in total losses compared to the previous month.
– The reduction attributed to enhanced security measures, leading to fewer flash loan attacks and private key hacks in the industry.
Hot Take: Secure Your Assets
Protecting your assets in the crypto space is crucial in light of recent security breaches and hacks. Stay vigilant, practice good security habits, and remain informed about potential risks to safeguard your investments.
Sources:
– BtcTurk exchange: https://cointelegraph.com/news/lykke-crypto-exchange-acknowledges-hack-halting-withdrawals
– DeFi sector exploit: https://www.certik.com/resources/blog/hack3d-the-web3-security-quarterly-report-q2-h1-2024
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