Tuesday, December 5, 2023

Investigative Report: Recent Hacking News Shakes Crypto Community

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In the world of cryptocurrency, the vast potential for financial growth comes with an inherent risk of hacking and fraud. Over the last 24 hours, a series of alarming incidents has unfolded, leaving the crypto community on edge. Let’s delve into the details of these events and shed light on the potential implications.

1. PekoProtocol’s Rug Pull:
Community contributor reports indicate that PekoProtocol, an entity on Linea, has conducted a rug pull. As evidence, PekoProtocol has swiftly deleted its social media presence, leaving investors disgruntled and worried about the security of their funds.

2. Justin Sun’s Involvement:
A major player in the crypto industry, Justin Sun, has been linked to suspicious activities. An address labeled under his name on the Tron network withdrew a staggering 200 million USDT from JustLend and transferred it to Huobi, raising questions about the intentions behind this transaction. Furthermore, a separate address labeled under Sun’s name on Ethereum moved 5,000 ETH (approximately $9.14 million) to Huobi, fueling further speculation.

3. TRX Whale Address:
In a concerning trend, a TRX Whale Address (TT2T17…kU9N) has minted 38.5 million TUSD and received 10 million TUSD from Huobi and 1 million TUSD from Binance. It has since supplied these stablecoins, totaling roughly 49.5 million TUSD, to JustLend. The motive behind these actions remains unclear, but it raises suspicions about potential market manipulation.

4. Steadefi Exploit:
Steadefi, a prominent decentralized finance platform, fell victim to an exploit resulting in a staggering loss of approximately $1.14 million. The attack is believed to have targeted the compromise of Steadefi’s deployer wallet. The exploiter managed to drain various cryptocurrencies, including stablecoins, WBTC, AVAX, WETH, and ARB, primarily from the Arbitrum and Avalanche networks. The stolen assets have been swiftly converted into approximately 625 ETH and have crossed over to the Ethereum network.

5. MultiChain Asset De-pegging:
An entity identified by the address 0x3d2b…d170 made significant purchases of 9.19 BTC (valued at approximately $267,327.91) and 170 ETH (worth roughly $311,440) on FTM. These assets were then bridged to Polygon, suggesting a suspected arbitrage play taking advantage of de-pegged wrapped assets on MultiChain.

6. LearnWeb3DAO’s Twitter Compromise:
LearnWeb3DAO, along with its co-founder Haezurath, has been linked to the compromise of multiple Twitter accounts. Users are urged not to interact with the website hxxp://learnweb3.com, as it may pose significant security risks.

7. Liquidity Removal on ShitCoinC3ntral:
A substantial liquidity removal event has taken place on ShitCoinC3ntral. The associated Ethereum address (0x5d9175cf9dddee49456402e9cae8cf2c049e1bf9), believed to be related to the project’s deployer, removed around 31 WETH (approximately $57,000) worth of liquidity, casting doubts on the project’s stability.

The recent surge in hacking incidents within the cryptocurrency realm highlights the pressing need for enhanced security measures and robust risk management practices. As the crypto community grapples with these challenges, it is essential to remain vigilant, exercise caution, and thoroughly scrutinize any suspicious activities. These events underscore the importance of due diligence and reinforce the notion that the crypto landscape can be a double-edged sword if not approached with care.

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