NobleBlocks Recovers After Hedgey Finance Breach, $NOBL Recovery Ongoing
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/NobleBlocks/ – NobleBlocks, a pioneering blockchain-powered platform revolutionizing scientific publishing, recently fell victim to a sophisticated cyberattack via Hedgey Finance. The attack impacted its native token $NOBL. The breach resulted in a substantial loss across the Arbitrum and Ethereum platforms.
The vulnerability originated from Hedgey Finance, a prominent infrastructure provider for token functionality. The attackers exploited a business logic flaw in Hedgey’s Claim Campaigns smart contract, which enabled them to manipulate the “createLockedCampaign” function.
As a result, this manipulation allowed for unauthorized token transfers, draining approximately $44.7 million across platforms – including NobleBlocks. The attackers used a technique known as a flash loan to manipulate the system, draining USDC, NOBL, and MASA tokens from the targeted contract.
Hedgey’s Rapid Response and Damage Control
Hedgey Finance acknowledged the incident and said it is actively working to mitigate the effects and prevent future occurrences.
Working in tandem with security firms such as Consensys Diligence and SEAL_Org, Hedgey has implemented enhanced security measures to fortify its defenses against future threats. Communication has also been established with the exploiter via Etherscan to recover the pilfered funds.
Additionally, Hedgey Finance said it will be focusing on the following steps post-exploit:
Collaborating with impacted users to recover lost funds.
Conducting a thorough post-mortem analysis to identify the vulnerability and prevent similar attacks.
Implementing enhanced security measures to strengthen the platform.
Hedgey emphasizes that the exploit was specific to unclaimed tokens within the claim campaign contracts and did not affect other functionalities like token vesting, investor lockups, or treasury/timelock contracts. Users who have already claimed their allocations are also unaffected.
NobleBlocks’ Collaboration and Recovery Efforts
Since the attack’s detection, NobleBlocks has been in close communication with Hedgey and Coffeebabe, an MEV bot operator. The latter played a crucial role by strategically front-running hacker transactions, which minimized potential damage caused by the hacker.
Currently, efforts to recover stolen $NOBL tokens and ETH are still underway. These recovered assets will be used to repurchase $NOBL and restore affected user balances.
Current State of $NOBL Tokens and User Safety
While the compromised tokens have been sold, the market appears to be stabilizing. NobleBlocks announced it was safe to resume $NOBL token activity. All other NobleBlocks tokens remain secure as the attacker has already liquidated stolen tokens. Recovery attempts are underway for a portion of these stolen funds.
NobleBlocks expresses gratitude to everyone involved in the swift response, particularly highlighting the community’s vigilance and Coffeebabe’s intervention.
The team encourages the community to stay informed through future updates as they continue to address the issue and reinforce NobleBlocks’ security measures.
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