Crypto hacks have continued to flourish despite best efforts to minimize them.
Australian Federal Police (AFP) teams up with blockchain firm Chainalysis to disrupt cryptocurrency crime. The Policing Cybercrime Coordination Center (PCCC) shares wallet data, trains officials on tracing stolen funds, and develops real-time scam detection strategies.
The hacker appears to be trying to cover their tracks while also preparing to launder the stolen funds.
The hackers involved in these attacks often used crypto mixers like Tornado Cash to obscure the origins of the stolen funds and evade detection.
WazirX already launched two bounty programs. One involves a $10,000 prize money in Tether for information that leads to freezing the stolen funds. The second is a “white hat recovery” bounty of 10% of the recovered fund.
Once Terra blockchain discovered the attack, the team launched emergency measures to contain the situation. This helped prevent further damage and ensure that more tokens are not siphoned.
This incident comes at a time when Sanctum Protocol has been touching skies. In June, the protocol’s total value locked (TVL) surpassed $1 billion.
This incident is part of a broader wave of DNS hijacking attacks targeting DeFi platforms that use Squarespace for domain management.
Hamster Kombat, which bagged Bybit listing recently, rose to popularity in the twinkling of an eye. As widely reported, its meteoric rise sparked excitement amongst crypto and Web 3.0 enthusiasts.
With the growing trend of crypto scams, crypto users are advised to be very careful when clicking on any link, even if it seems to come from trusted sources.
Following the hack, WazirX temporarily suspended trading and withdrawals to protect user funds and conduct a thorough investigation.
Cyvers had detected the suspicious transactions and attempted to contact WazirX 30 minutes prior to their public announcement, but received no reply.
Despite attributing the bug to its service providers, Degen Chain acknowledged its own responsibility for not proactively changing providers or requesting a fix.
Amid concerns about funds safety in exchanges, users have been advised to manage their digital assets using self-custodial wallets.
Meanwhile, the latest development in the crypto market is a rare bright spot in the bleak landscape of phishing attacks and other malicious activities in the emerging economy.