DeFi

Million

Ronin

Nexera

<h4><strong>This incident, caused by a smart contract exploit, highlights ongoing vulnerabilities within the DeFi ecosystem.</strong></h4> 
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      <p>Cyvers, a cybersecurity firm, revealed the breach on August 7th, reporting suspicious activity with Nexera’s proxy contract.</p> 
      <h5><strong>Smart Contract Exploit Reveals Nexera’s DeFi Vulnerabilities</strong></h5> 
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<p>The attacker then exploited the contract’s administrative functions to withdraw all NXRA tokens. In their post, Cyvers stated: “Our system has detected a suspicious transaction involving your proxy contract. An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens.”</p> 
<p><a href="https://x.com/Nexera_Official" target="_blank" rel="noopener">Nexera</a> paused its token contract and advised investors to stop trading NXRA to prevent further losses. This precautionary measure aims to mitigate the impact of the exploit and protect remaining assets.</p> 
<p><img decoding="async" class="wp-image-147685 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvnvbbnvhghgj-215x300.jpg" alt="" width="436" height="608" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvnvbbnvhghgj-215x300.jpg 215w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvnvbbnvhghgj-301x420.jpg 301w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xcvnvbbnvhghgj.jpg 394w" sizes="(max-width: 436px) 100vw, 436px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/CyversAlerts/status/1821069428630679920" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Despite the $1.5 million loss being small compared to other DeFi hacks, the timing is noteworthy. It follows a $9.8 million ETH breach on the <a href="https://www.altcoinbuzz.io/cryptocurrency-news/ronin-network-pauses-bridge-amid-mev-exploit-probe/" target="_blank" rel="noopener">Ronin Network</a>. Interestingly, the Ronin incident involved a suspected white hat hacker who returned all the stolen funds within hours. In stark contrast, the Nexera hacker has shown clear malicious intent, making off with the stolen assets and beginning the process of liquidating them.</p> 
<p><a href="https://cyvers.ai/" target="_blank" rel="noopener">Cyvers</a> reported that the attacker has started converting the stolen NXRA tokens into Ether (ETH), a common tactic used by hackers to launder stolen funds. “The address is currently selling all the tokens for $ETH, and some of the funds have already been bridged to the $BNB chain. The total estimated loss is around $1.5 million,” Cyvers noted.</p> 
<p><img decoding="async" class="wp-image-147686 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxfdgfhghfc-204x300.png" alt="" width="449" height="660" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxfdgfhghfc-204x300.png 204w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxfdgfhghfc-286x420.png 286w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxfdgfhghfc.png 393w" sizes="(max-width: 449px) 100vw, 449px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/CyversAlerts/status/1821081873033924908" target="_blank" rel="noopener">X</a></strong></h6> 
<p>By converting to ETH and potentially using cryptocurrency mixers like Tornado Cash, the hacker aims to obscure the origins of the stolen funds, complicating efforts by cybersecurity firms to trace and recover the assets.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/nexera-hacked-for-1-5-million-in-smart-contract-exploit/">Nexera Hacked for $1.5 Million in Smart Contract Exploit</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Nexera Hacked for $1.5 Million in Smart Contract Exploit

Altcoin Buzz

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