Wave of Cyber Attacks Rocks the Crypto World: Key Incidents from the Past Week

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Since cryptocurrency is not entirely secure from cyber incidents, hacking and cyberattacks will always be a major threat to both the platform and its users. The past week saw an abundance of attacks targeting dEXs and other crypto-based services, ranging from malware to the rug pull. 

MonoSwap Hack: Malicious malware attack 

Another hack event in the crypto space occurred to the decentralized exchange in the Blast ecosystem, MonoSwap. The crypto firm announced through the platform’s Twitter handle that it was a victim of a malware attack and lost $1. 3 million. With a red warning, they were prompted to stop adding or prolonging any staking or other contributing liquidity.  

The hack happened when one of their developers installed a phishing app to join a call with scammers who pretended to be VCs. The attackers installed the botnet onto his office PC, which had access to all MonoSwap-related wallets and contracts. The hackers then withdrew most of the staked liquidity positions, damaging the protocol.

The dYdX v3 website compromised 

The leading decentralized exchange dYdX said that the new v3 site of the exchange was hacked. Everyone was warned not to, under any circumstances, visit the site or any links that are in any way, shape, or form connected to it. this breach did not happen to the new v4 version of the site. In regards to the specificity of the cyber attack, it remains rather uncertain; however, given such an event, it can be stated that web-based interfaces are among the most vulnerable to cyber threats. 

Renzo’s discord server compromised

Liquidity restaking protocol Renzo tweeted its community to warn them that the official Discord had been hacked. People were advised not to follow any link that is posted within the server to safeguard their money and other details.

UPS on BNBChain attacked again

There was another attack on the UPS protocol on the BNBChain and $521,000 were stolen. This comes after a similar attack on the 8th of April, 2024 where the platform was opened and reputed to have lost roughly 30,000 USD. 

some details that revolve around the attacker’s methods are still rather ambiguous, however, the frequent UPS attacks suggest that there’s still some critical weakness of the company, which the attackers keep on trying to probe. The team from UPS is already engaged in strengthening the security systems to avoid future incidences.

ETHTrustFund rug pulls on the base network

ETHTrustFund which is based on Base protocol carried out a rug pull and absconded with over $2 million worth of cryptocurrencies. Rug pull is a scenario where the developers of the project take all the money and run away with it – the remaining coins prove to be worthless.

This week has been an eye-opener to the various insecurities in decentralized finance and the general crypto sector. From advanced and complex malware threats to relatively basic but severe rug-pull the ecosystem needs to be on the lookout and constantly improve the security of the ecosystem.