The biggest events and financial losses
Like many other types of cryptocurrencies, the breaches exemplify residual flaws and demonstrate their potential to cause significant financial damage. This week's report begins by exploring the latest and most popular hacking stories in the industry and provides a detailed analysis of the hacks.
Ronin Bridge Exploit: $12 million in contract exposure.
The Ronin Bridge project was the main target of this attack, where the attackers showed weakness in building the contract. The vulnerability was to change the weight parameter to any undesired value and this did not require multi-signature authorization. This resulted in a withdrawal of about 4,000 ETH and 2 million USDC, or about $12 million. There was a bug in the Ronin Bridge smart contract that allowed the attackers to change the parameters of the contract and make unauthorized withdrawals.
White hat hackers participated in recovering the stolen assets, the hackers were rewarded with a $500 000 bug bounty for this. The project team is conducting audits and revisits to strengthen security measures that were accidentally opened by the developing team.
Nexera proxy contract exploited: 1.5 million dollars in tokens stolen
According to Nesera's Twitter page, the agency contract was hacked. An attacker was able to hijack the proxy contract, deploy new code without authorizing the contract, and abuse the withdrawal manager to steal all NXRA tokens in the contract. This allowed the attacker to convert the stolen tokens into ETH and some of them were transferred to the BNB chain. The estimated total economic loss is close to $1. 5 million.
Nexara is conducting an extensive investigation to determine the extent of the deal and is working to prevent contract and token losses.
RARI Foundation Discord server breach
The RARI Foundation's official Discord was hacked, and its enemies were able to access the confidential information. It has made it clear that encryption of communication platforms, especially those used in the crypto sector, is a more pressing problem.
The RARI team is not passive and is currently trying to monitor and stabilize the server. Apart from this, all users are urged to refrain from using the server to avoid any future exposures. No money was reported missing.
The RARI Foundation team is studying the leak and necessary precautions are being prepared for similar situations.
This is all about last week's hack report, stay tuned with Coinpedia as we bring crypto hack report next week.
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