The post Weekly Crypto Hack Report: Largest Incidents and Financial Losses  appeared first on Coinpedia Fintech News

Cryptocurrency security breaches continue to highlight the vulnerabilities within the industry, often leading to significant financial losses. This week’s report delves into the most recent and notable hacking incidents, providing a detailed analysis of each event.

You might want to take a seat for this.

Ronin Bridge Exploit: $12 Million Lost Due to Contract Vulnerability

The Ronin Bridge project was one of the main targets of this attack, in which the attackers acted on a weakness in constructing the contract. The vulnerability was to modify the weight parameter to any undesired value and this did not require multi-signature authorisation to take place. This led to a command that caused the withdrawal of about 4,000 ETH and 2 million USDC, or roughly $12 million. There was a quirk in the Ronin Bridge’s smart contract that enabled the attackers to change the contract’s parameters and make unauthorized withdrawals.

In response, white hat hackers intervened to recover the stolen assets, earning a $500,000 bug bounty for their efforts. The Ronin Bridge team is now conducting a thorough audit and revisiting their security protocols to address the gaps left by the development team.

Nexera Proxy Contract Exploited: $1.5 Million in Tokens Stolen

Nexera revealed that its proxy contract was compromised, allowing an attacker to deploy unauthorized code and exploit the withdrawal admin to drain all NXRA tokens from the contract. The stolen tokens were subsequently swapped for ETH, with some funds being transferred to the BNB chain. The estimated total loss is close to $1.5 million.

Nexera is currently conducting an extensive investigation to assess the full extent of the breach and is working on measures to prevent further token and contract losses.

RARI Foundation Discord Server Breach: Confidential Information Compromised!

The official Discord of the RARI Foundation was hacked, and the adversaries gained access to the confidential information. It also came through especially vividly that the encryption of the communication platforms used in the crypto sector is a more pressing problem. 

The RARI team is actively working to regain control and stabilize the server, urging users to avoid using the platform until the vulnerabilities are fully addressed. While no financial losses have been reported, the team is investigating the breach and developing necessary safeguards to prevent future incidents.

Also Read: Alert! Meme Coin Pump and Dump? Insiders Earn $4M, Trader Loses $1M

That wraps up this week’s report on cryptocurrency hacks. Stay tuned with Coinpedia as we continue to bring you the latest updates on security breaches in the crypto world.

The post Weekly Crypto Hack Report: Largest Incidents and Financial Losses  appeared first on Coinpedia.org.