Nexera Protocol suffers another smart contract security breach, causing $1.5 million worth of digital assets to be lost.
According to a post by Cyvers on August 7, Nexera, a decentralized finance (DeFi) protocol that aims to bridge DeFi with traditional finance, was hacked, resulting in the theft of $1.5 million worth of Nexera (NXRA) tokens.
“Our systems have detected suspicious transactions involving your proxy contract. An address has taken ownership of your proxy contract and upgraded it. Shortly afterwards, that address used the withdrawal control function to transfer all of your $NXRA tokens.”
While the $1.5 million loss is a relatively small incident, it came just one day after suspected hackers stole $9.8 million worth of ETH tokens from Ronin Network. The hackers returned all the lost funds within hours.
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The hackers have already run away with the funds.
In a sign of the malicious intent behind this incident, the hackers have already run away with the stolen funds.
According to Cyvers, the hacker started selling some of the NXRA tokens for Ether.
“The address is currently selling all tokens for $ETH, with some funds already tied to the $BNB chain. The total estimated loss is approximately $1.5 million.”
Hackers often convert the stolen tokens into Ether and launder the funds through cryptocurrency mixers like Tornado Cash, making it more difficult for cybersecurity firms to trace the source of the funds.
Related: Market makers sold off over $300 million worth of Ether as the price of ETH plummeted below $2,200.
Nexera Hacker Linked to Previous Exploits – Onchain Investigator
According to on-chain data, this is not the first malicious incident caused by an exploiter.
According to on-chain researcher ZachXBT, the exploiter’s address is also linked to a previous private key breach, which he wrote in a Telegram post on August 7:
“The attacker has on-chain connections to recent private key breaches such as SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, Reach, and more.”
The hack comes about three weeks after hackers stole more than $230 million from Indian cryptocurrency exchange WazirX, making it the second-largest cryptocurrency hack so far in 2024.
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