Weekly Crypto Hack Roundup: Unveiling Rugs Pulled and Attacks Exposed! (January 14th – 21st, 2024)
The crypto community experienced a turbulent week, with two major security breaches causing chaos in the digital realm. Binance Smart Chain (BSC) took center stage as numerous rug pulls left innocent investors distressed.
This article delves deep into the significant hacking incidents that unfolded during this eventful week, shedding light on the weaknesses within the decentralized world.
Socket’s Struggle: Exposing Vulnerabilities
On January 13, an interoperability protocol called Socket fell victim to a security breach. An attacker took advantage of a flaw in the token swaps module of the recently integrated Socket Aggregator system.
This vulnerability allowed the attacker to drain funds from users who had unknowingly granted infinite approvals to the Socket Gateway contract. Through two malicious transactions on the Ethereum network, the attack resulted in an estimated loss of $3.3 million.
Wise Lending’s ‘Unwise’ Encounter
On January 15, Wise Lending, a Web3 lending application and yield aggregator, fell victim to exploitation. Due to a contract flaw, approximately 177 ETH, equivalent to around $464,000, was lost. The exploit was caused by flawed share accounting logic with a precision issue, enabling the attacker to drain market funds and leaving the platform and its users to face the consequences.
BSC Tokens Hit Hard
Several tokens on BSC, including BorzoiCoin (BORZOI), FoxFunnies (FXN), PulseXIncentiveToken (INC), MOE (MOE), SolDragon (DRAGON), Speero (SPEERO), Audify (AUDI), StarkPepe (SPEPE), BoxyDude (BOX), and MAR3AI (MAR3), were suspected of rug pulls. The token deployers strategically removed liquidity, causing significant price drops and resulting in substantial losses for unsuspecting investors, amounting to millions.
Harsh Lessons Learned
These rug pulls and hacking incidents highlight the vulnerabilities in the decentralized world. It is crucial to emphasize the importance of diligence and enhanced security measures for investors navigating the crypto landscape.
As rug pulls continue to pose a prevalent threat, users are strongly advised to exercise caution and exercise strict care before engaging with new projects. Stay informed and stay secure!
Tags: Hack