The post Crypto Weekly Hack Report: ThorChain, Phemex, and Meme Coin Scams Shake DeFi appeared first on Coinpedia Fintech News
This week has been a challenging one for decentralized finance (DeFi) projects and crypto exchanges, with major setbacks highlighting vulnerabilities in the ecosystem. ThorChain announced insolvency, leaving a $93 million deficit, while Singapore-based exchange Phemex suffered a $70 million hack.
Meanwhile, scams and malware targeting meme coins and crypto wallets have surged, posing new risks for investors and users alike.
ThorChain revealed a severe financial crisis, with $200 million in debts against $107 million in assets. To avoid a complete collapse and prevent a banking run, the team decided to suspend parts of its protocol for three months. This pause aims to provide time to develop a recovery strategy and stabilize the project’s finances.
A major security breach forced Singapore-based exchange Phemex to suffer over $70 million worth of losses. The security breach went after hot wallets leading to network losses from USDC and ETH alongside LINK and multiple other assets. Security investigators believe North Korean digital criminals orchestrated this attack because of their established history of conducting large-scale crypto crimes.
Trump-themed meme coins $TRUMP and $MELANIA became targets for scams, with fraudsters tricking investors through fake websites and social media accounts. These schemes exploited the growing hype around meme cryptocurrencies, netting scammers $1.25 million. The incidents highlight the risks of investing in viral but unregulated tokens.
Internet hackers have started abusing fake Google Ads to create phoney versions of legitimate programs including Homebrew. Crypto wallet users are at serious risk because this malware steals critical sensitive wallet information including passwords together with wallet files. Security experts keep reminding crypto holders to inspect ads and always check the download URLs of software before installation.
A hacking group accessed the Nasdaq X official account to boost the price of fake meme currency STONKS until it reached $80 million before its collapse. This exploit revealed fundamental weaknesses in prominent profiles while demonstrating the desperate requirement for strong security systems against similar attacks.
.article_register_shortcode {
padding: 18px 24px;
border-radius: 8px;
display: flex;
align-items: center;
margin: 6px 0 22px;
border: 1px solid #0052CC4D;
background: linear-gradient(90deg, rgba(255, 255, 255, 0.1) 0%, rgba(0, 82, 204, 0.1) 100%);
}
.article_register_shortcode .media-body h5 {
color: #000000;
font-weight: 600;
font-size: 20px;
line-height: 22px;
}
.article_register_shortcode .media-body h5 span {
color: #0052CC;
}
.article_register_shortcode .media-body p {
font-weight: 400;
font-size: 14px;
line-height: 22px;
color: #171717B2;
margin-top: 4px;
}
.article_register_shortcode .media-body{
padding-right: 14px;
}
.article_register_shortcode .media-button a {
float: right;
}
.article_register_shortcode .primary-button img{
vertical-align: middle;
}
@media (min-width: 581px) and (max-width: 991px) {
.article_register_shortcode .media-body p {
margin-bottom: 0;
}
}
@media (max-width: 580px) {
.article_register_shortcode {
display: block;
padding: 20px;
}
.article_register_shortcode img {
max-width: 50px;
}
.article_register_shortcode .media-body h5 {
font-size: 16px;
}
.article_register_shortcode .media-body {
margin-left: 0px;
}
.article_register_shortcode .media-body p {
font-size: 13px;
line-height: 20px;
margin-top: 6px;
margin-bottom: 14px;
}
.article_register_shortcode .media-button a {
float: unset;
}
.article_register_shortcode .secondary-button {
margin-bottom: 0;
}
}
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.