Nexera Protocol hacked for $1.5 million, NXRA Token down more than 40%

Nexera, a DeFi protocol, has been affected by a smart contract security breach that resulted in the theft of $1.5 million worth of NXRA tokens.

Following the incident, the value of the protocol's native token fell by more than 40 percent.

$1.5 Million Stolen and NXRA Token Plummets 43%

The exploit was first reported on Aug. 7 by blockchain security firm Syvers in a post on X that read, “Our system has detected a suspicious transaction involving your proxy contract.”

According to the article, the anonymous addressee modified Nesera's proxy contract to gain access to administrative functions. Using the manager's withdrawal function, the attacker transferred all available NXRA tokens out of the contract.

Sievers added that the stolen NXRA tokens are being converted to Ethereum (ETH), and a portion of the money has already been bridged to Binance Smart Chain (BNB).

Hackers frequently exchange their stolen tokens for Ether to obscure the origin of the funds, using cryptographic schemes such as Tornado Cash, which complicates the tracking efforts of cyber security firms.

The impact of the NXRA token hack was felt immediately. According to data from CoinGecko, NXRA has fallen by 43.2% and is now trading at $0.0343. It also hit an all-time low of $0.01942 on August 7, 2024, although it is up 76.5% from that low.

Nexera Hack is linked to previous attacks

According to the data on the chain, this is not the first malicious activity by the exploiter. On-chain ZackXBT linked the attacker to a series of private key deals involving several other platforms, including SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield and Reach.

In response to Nexera's post, ZachXBT groups continue to fall for the same types of scams almost a year later.

This breach is the latest in a series of high-profile security incidents in the DeFi space. Just a day earlier, the Ronin network was hacked for $9.8 million in ETH, although the suspected white hat hacker returned all funds within hours.

Additionally, three weeks ago a hacker stole over $230 million from the Indian cryptocurrency exchange, making it the second largest cryptocurrency hack of 2024.