Sunday, September 25, 2022

Hack Attack on Cryptocurrency Exchange, Stole 40 Million Ethereum

Recently the cryptocurrency industry has suffered several hacking attacks, and now another one has been added to it. Through a frontend attack, cybercriminals have targeted Curve Finance, a decentralized exchange launched in 2020. The platform also acts as an Automated Market Maker (AMM), which allows trading in stable stocks and digital assets. The hackers managed to launder $ 570,000 (about Rs 4 crore) of Ether from this platform.

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The hacker (or group) targeted the Curve domain name, redirecting incoming Curve users to another malicious web address. According to the Curve developers, the Curve.fi nameserver site had suffered a breach.

The platform claims to have investigated and resolved the breach.

Zackxt, a Web3 on-chain investigator, has claimed that the stolen funds were deposited into the FixedFload crypto exchange to be legalized.

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In response to Zackxt’s alert, FixedFloat acted in a timely manner and was able to acquire ETH of $191,088 (approximately Rs 1.5 crore), which is equivalent to ETH 112.

The attack on Curve Finance is part of the fifth large-scale hack on crypto firms in the past month.

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In July, NFT registration platform Premint lost 320 NFTs in a hack attack. It was found that the hackers sold the stolen NFTs in 275 Ether tokens for a total of $400,000 (approximately Rs.3.20 crores).

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