Tuesday, May 21, 2024

Investigative Report: 24 Hours of Hacking News in the Crypto World

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The world of cryptocurrencies continues to face challenges and risks, with hackers and scammers lurking in the shadows. In the span of just 24 hours, several significant incidents have come to light, showcasing the vulnerabilities that still exist within the crypto ecosystem. In this investigative report, we will delve into these incidents and outline the details of each attack.

1. Phishing Scheme on Avalanche Network:

A phishing scheme has targeted the address 0x3EfF…8184 on the Avalanche (AVAX) network, resulting in a loss of $55,000 worth of Coq Inu (COQ) tokens. The victim fell victim to a fraudulent service, highlighting the importance of being vigilant while interacting with third-party platforms.

2. Compromised Service Leads to Loss of Ethereum (ETH):

A third-party service used by Thunder Terminal was compromised, leading to a loss of approximately $192,000. The exploiter managed to transfer the stolen 86.3 ETH to the Railgun platform. Such incidents serve as a reminder for cryptocurrency enthusiasts to exercise caution when utilizing external services.

3. Manipulation of Liquidity-Adding Transaction on Uniswap:

A validator has been rewarded 566.37 ETH ($1.25 million) at Block #18871827. However, a malicious MEV bot bribed the validator with 571 ETH ($1.3 million) to backrun a liquidity-adding transaction on the UNI-WETH V3 pair on Uniswap. The victim user in this case appears to be associated with @aavebank.eth. This incident sheds light on the manipulative strategies employed by certain actors in the crypto space.

4. Rug Pull Incident: Pike Finance (PIKE) Plummets:

Pike Finance (PIKE) has experienced a catastrophic drop of 100%. The address 0x45aF…a448 conducted a swap where they exchanged a staggering 2,200,000,000,000,000 PIKE tokens for 23.5 ETH (~$52,600). It is essential to note that this rug pull token shares the same name as the legitimate ones, emphasizing the need for careful scrutiny before engaging in transactions.

5. Suspicious Withdrawal from Binance:

An address associated with Justin Sun, 0x9FCc…19Fe, has withdrawn 6,166 ETH from Binance, amounting to approximately $13.8 million. This withdrawal raises eyebrows due to its association with Justin Sun, the controversial figure in the crypto industry. Further investigation is warranted to determine the motive behind this massive transfer.

The past 24 hours have been eventful in the crypto world, with various hacking incidents coming to light. From phishing schemes and compromised services to manipulative transaction practices and rug pulls, these incidents highlight the persistent risks associated with cryptocurrencies. As the crypto ecosystem evolves, it is crucial for users and platforms alike to remain vigilant, implement robust security measures, and exercise caution when transacting or utilizing third-party services. Only through collective efforts can we ensure the growth and security of the crypto industry.

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