A devastating security breach at decentralized social platform UXLink has exposed critical vulnerabilities in DeFi infrastructure, resulting in losses estimated up to $30 million. The exploit, which allowed attackers to mint billions of unauthorized tokens through a multisignature wallet vulnerability, has forced an emergency deployment of a new Ethereum smart contract. The incident underscores growing concerns about centralized control points in supposedly decentralized projects, with FearsOff CEO Marwan Hachem warning that such weaknesses represent systemic risks to the entire crypto ecosystem.
about UXLink Hack: $30M Exploit Prompts Ethereum Contract OverhaulCyvers Alerts
0 in Finance and 0 in Crypto last week$2.15M MBU Token Exploit on BNB Chain
Hackers stole $2.15 million in MBU tokens from Mobius smart contracts on the BNB Chain in a targeted exploit detected on May 11. The attacker deployed a malicious contract, draining 28.5 million MBU tokens from a victim wallet within minutes and converting them into stablecoins. Security firm Cyvers Alerts confirmed the attack, which resulted in a net loss of $2,152,219.99. The incident highlights ongoing vulnerabilities in DeFi smart contracts and the need for enhanced security measures.
about $2.15M MBU Token Exploit on BNB ChainInfini Bank Loses 49 Million in Stablecoin Heist by Former Developer
Infini, a stablecoin bank, experienced a security breach resulting in the theft of over $49 million in USDC, attributed to a former developer misusing retained administrative privileges. The hacker converted the stolen funds into DAI and acquired 17,696 ETH, while Infini’s founders pledged to compensate affected customers. This incident follows a significant $1.5 billion exploit at crypto exchange Bybit, linked to the North Korean hacker group Lazarus.
about Infini Bank Loses 49 Million in Stablecoin Heist by Former DeveloperPhemex Hack Results in $37 Million Loss Across Multiple Blockchains
Phemex has suffered a significant security breach, with approximately $37 million in digital assets stolen from its hot wallets across multiple blockchains, including Ethereum and BNB. The exchange has suspended withdrawals while investigating the incident, assuring users that cold wallet security remains intact. This hack is part of a troubling trend in 2024, where cybercrime in the crypto sector has resulted in losses exceeding $3 billion.
about Phemex Hack Results in $37 Million Loss Across Multiple Blockchains