In the fast-paced world of cryptocurrencies, security breaches and hacking attempts have unfortunately become quite common. The past 24 hours have been particularly eventful, with several alarming incidents coming to the forefront. In this investigative report, we will delve into the details of these incidents and shed light on the nature and impact of each event.
1. Magnate Finance – A Disappearing Act:
Early data analysis reveals a significant drop of approximately $6.4 million in the Total Value Locked (TVL) of Magnate Finance on the Base platform. The developer’s decision to modify the price oracle provider and remove all assets has raised serious concerns. Investigations are underway to understand the motivation behind these actions.
2. Pepe Deployer’s Mysterious Transfers:
Approximately four months ago, the Pepe Deployer account transferred a staggering 26.7 trillion $PEPE tokens to the address 0x5BdE…e9BA (PEPE GnosisSafeProxy). More recent activity reveals that 16 trillion $PEPE tokens were sent to various centralized exchanges, including Kucoin, Bybit, OKX, and Binance. The implications of these transfers and their impact on the $PEPE token’s value have yet to be fully determined.
3. Immutable Project Development Treasury’s Large Transfer:
The Immutable blockchain project recently witnessed a significant transfer of around 47.16 million $IMX tokens. These tokens were moved to the address 0xE911…4c2E approximately 22 days ago. In a more recent development, around 1.68 million $IMX (equivalent to $1.02 million) from this address found their way to Coinbase Prime Deposit just 16 hours ago.
4. Voyager’s USDC Transfer to Circle:
Another noteworthy event occurred within the last 14 hours when a labeled Voyager address transferred approximately 12.9 million $USDC tokens to Circle. The intent behind this transfer and its implications for the Voyager platform are yet to be fully understood.
5. Palmswap Exploited in Crypto Theft:
Palmswap, a decentralized exchange, fell victim to an exploitation incident resulting in the theft of a staggering amount of 901,455.9 $USDT tokens from the LP Vault contract back on July 24th. The exploiters, using a labeled address, have since transferred 835.6 $BNB (approximately 183,600) to TornadoCash. Efforts to recover the stolen funds and prevent further exploitation are currently ongoing.
6. SIM Swap Attacks and Crypto Losses:
Over the past four months, SIM swap attacks have led to the theft of over $13.3 million worth of cryptocurrencies. Notably, a main address, 0x10FC…b49d, associated with these attacks, has initiated transfers to eXch and various centralized exchanges. Additionally, the SIM swap exploiter’s address has been linked to phishing attempts, including addresses associated with the infamous PinkDrainer scheme.
As the crypto industry continues to evolve and mature, the increasing frequency of security breaches remains a significant concern. The incidents highlighted in this investigative report offer just a glimpse into the complex and ever-present threat landscape. With ongoing investigations and collaborative efforts among projects, exchanges, and security firms like PeckShield, steps can be taken to mitigate risks and reinforce the security measures that underpin the widespread adoption of cryptocurrencies. Stay tuned for further updates on these incidents and the industry’s response to safeguarding user funds and trust.
