Unizen DEX Experiences Significant Security Breach Resulting in Reported Loss of Over $2 Million

Unizen, a prominent player in the cryptocurrency exchange market and trading platform, recently experienced a breach in its security systems, resulting in a loss of over $2 million.

According to reports from Slowmist Security, the attack on Unizen was carried out by exploiting an authorization vulnerability in the trade aggregator that operates on the Ethereum blockchain network. The hacker, identified by the address 0xd3f64baa732061f8b3626ee44bab354f854877ac, took advantage of an open external call vulnerability in the contract.

SlowMist Security Alert
Due to an open external call vulnerability, @unizen_io has been exploited, resulting in a loss of approximately $2.1M. We urge you to immediately revoke approval for 0xd3f64baa732061f8b3626ee44bab354f854877ac!
Currently, the attacker has converted the stolen USDT to DAI but has not made any further transactions…
pic.twitter.com/T0QARp0QkD
— SlowMist (@SlowMist_Team)
March 9, 2024

At present, the hacker has exchanged the stolen USDT for DAI but has not made any additional transfers. It is advised for users to remove and revoke approval for the address associated with the hacker to minimize further losses.

What is the next step for the affected victims?

Unlike other projects that often remain inactive or slow to respond during a cyberattack, Unizen has demonstrated its commitment to transparency by promptly addressing the security breach. In a swift response, Unizen publicly acknowledged the incident and is taking measures to strengthen its security systems in order to prevent future hacks.

To Our Valued Community
Given the recent security incident, we are fully aware of the difficulties and inconveniences many of you are facing. This is a moment that tests our resilience, but more importantly, it is a call to action for us to stand together and navigate through this…
— unizen (@unizen_io)
March 9, 2024

The Unizen team has set up a dedicated form to initiate the restoration process for those affected. This is a crucial step in their comprehensive plan to address user concerns. Users can provide details such as their wallet address or any other relevant information that may aid in the recovery of lost funds. The form can be accessed here.

In conclusion, security breaches in the cryptocurrency sphere are becoming increasingly common as hackers continuously search for vulnerabilities in the system. While affected users await updates on the recovery of Unizen funds, it is essential for all cryptocurrency holders to adopt the best security practices to protect their digital assets. This includes utilizing hardware wallets, implementing multi-factor authentication, and staying informed about the latest security threats.

Tags: Hack