🚀 Onyx Protocol Set To Relaunch After $3.8 Million Hack
#OnyxProtocol #DeFi #hack #OIP46 #Ethereum #lending #relaunch #NFT #crypto #security #blockchain #PeckShield #Cyvers #cryptohacks #Web3 #XCN #RWA
According to Cointelegraph, decentralized finance (DeFi) protocol Onyx is set to relaunch its open-source, permissioned financial network, Onyx Core, following a $3.8 million hack on Sept. 27. The hack exploited a known but unaddressed security vulnerability. The Onyx Improvement Proposal (OIP)-46, introduced on the same day as the exploit, called for significant changes to the protocol, including shutting down its Ethereum-based lending market and reimbursing lenders in full.
By Sept. 29, the OIP-46 proposal had received unanimous support from the Onyx community, with no votes against the proposed changes. The proposal is scheduled for execution on Oct. 1. The Onyx team plans to issue a revised white paper for the relaunch of Onyx Core as a primary product, alongside Onyxcoin (XCN) staking.
The restructuring will involve operating the Onyx Protocol as a closed-ended lending protocol on Onyx Core, allowing users to wrap non-fungible tokens (NFTs), real-world assets (RWA), and crypto assets. The hack was executed by manipulating an NFTLiquidation contract to inflate the self-liquidation reward amount. Blockchain security firm PeckShield noted that the same vulnerability was previously used to attack Onyx in October 2023. Other hacks exploiting the same vulnerability include the Hundred Finance hack in April 2023. The proposed restructuring aims to secure the Onyx Protocol from future attacks.
According to Web3 cybersecurity company Cyvers, losses from crypto hacks in the first three quarters of 2024 exceeded $2.1 billion. Centralized finance operators, such as crypto exchanges, were the biggest targets, with a 984% year-on-year increase in the first three quarters of 2024. Much of that came in the year’s second quarter when $401 million was lost. While losses in the DeFi sector dropped 25% year-on-year in Q2, the sector still saw $171.3 million lost from 62 incidents.#OnyxProtocol #DeFi #hack #OIP46 #Ethereum #lending #relaunch #NFT #crypto #security #blockchain #PeckShield #Cyvers #cryptohacks #Web3 #XCN #RWA
🚀 Radiant Capital Halts Lending Markets After $50 Million Cybersecurity Breach
#RadiantCapital #Cybersecurity #BNBChain #Arbitrum #CryptoBreach #USDC #WBNB #ETH #SmartContracts #Multisig #BlockchainSecurity #DeFi #Hack #CryptoHacks #UserSafety #TrustInTech #ARB
According to Cointelegraph, Radiant Capital has suspended its lending markets following a significant cybersecurity breach that resulted in losses exceeding $50 million on the BNB Chain and Arbitrum. The breach was confirmed by Radiant and two cybersecurity firms, De.Fi Antivirus and Ancilia Inc.
De.Fi Antivirus reported that the exploit targeted Radiant Capital contracts on the BSC and ARB chains using the 'transferFrom' function, which allowed the attacker to drain users' funds, including USDC, WBNB, and ETH. The firm estimated the losses at approximately $58 million, while Ancilia Inc. provided a similar estimate of around $50 million.
Radiant acknowledged the issue in a post on the X platform, stating that they are collaborating with SEAL911, Hypernative, ZeroShadow, and Chainalysis to address the situation. The lending markets on Base and Mainnet have been paused until further notice.
The breach involved the compromise of a multisignature wallet, or 'multisig,' which is used to control Radiant. The attacker reportedly gained control of several signers' private keys, allowing them to seize control of multiple smart contracts. Pop Punk, the pseudonymous co-founder of token launch platform g8keep, described the incident as akin to a school bully stealing lunch money, emphasizing the severity of the breach and advising users to revoke all approvals.
Cybersecurity company Hacken reported that access control mechanism exploits accounted for $316 million, or nearly 70% of the total funds stolen in crypto hacks during the third quarter of 2024. Multisigs, while a dominant means of securing Web3 protocols, can create centralized fail-points that are vulnerable to attackers.
Sreeram Kannan, founder of restaking protocol EigenLayer, highlighted the limitations of multisigs in an interview with Cointelegraph, stating that many contracts rely on multisigs, which are far from decentralized. He emphasized the need for more robust security measures to provide the trust that blockchain technology is supposed to offer.#RadiantCapital #Cybersecurity #BNBChain #Arbitrum #CryptoBreach #USDC #WBNB #ETH #SmartContracts #Multisig #BlockchainSecurity #DeFi #Hack #CryptoHacks #UserSafety #TrustInTech #ARB
🚀 Crypto Phishing Attacks Expected To Rise During Holiday Season
#Crypto #PhishingAttacks #HolidaySeason #Cybersecurity #Investors #Scams #DigitalAssets #WalletDrain #TwoFactorAuthentication #Web3 #Blockchain #OnlineTransactions #CryptoHacks #CryptoLosses #ThalaHack
According to Cointelegraph, cybersecurity experts have issued a warning that crypto phishing attacks are likely to increase in December as scammers seek to exploit the Christmas holiday shopping season. In November, more than 9,200 cryptocurrency investors collectively lost $9.3 million to phishing scams, as reported by Scam Sniffer, a platform dedicated to monitoring crypto scams. The platform highlighted that one victim lost $661,000 in stETH within minutes, emphasizing the severity of these attacks.
Malicious signatures continue to be a significant threat, as they allow attackers to gain full control over a wallet's digital assets, leading to wallet drain attacks. Despite a 53% decrease in phishing losses from October's $20.2 million, experts anticipate a surge in December due to increased online transactions. Deddy Lavid, co-founder and CEO of Cyvers, a Web3 security platform, advised investors to verify communications, enable two-factor authentication, and avoid public WiFi for sensitive activities. He stressed the importance of being aware of holiday-themed phishing tactics and using real-time monitoring tools to detect suspicious behaviors promptly.
Lavid also emphasized the need for users to be cautious when signing blockchain transactions, recommending thorough scrutiny and simulation of transactions beforehand to prevent authorizing malicious activities inadvertently. Despite the heightened risks during the holiday season, there have been fewer crypto hacks compared to 2023, with $1.48 billion stolen year-to-date as of November 28, marking a 15% decrease from the same period in 2023. Notably, the largest hack in November was the $25.5-million Thala hack, from which the protocol successfully recovered all assets lost to the farming vulnerability. As of June, the crypto industry had suffered over $19 billion in losses across 785 reported hacks and exploits over the past 13 years.#Crypto #PhishingAttacks #HolidaySeason #Cybersecurity #Investors #Scams #DigitalAssets #WalletDrain #TwoFactorAuthentication #Web3 #Blockchain #OnlineTransactions #CryptoHacks #CryptoLosses #ThalaHack
🚀 BNB Chain-Based Memecoin Platform Four.Meme Suffers Security Breach
#BNBChain #memecoin #FourMeme #securitybreach #cryptocurrency #hack #cybercriminals #digitalassets #PeckShield #blockchain #cryptoadoption #cryptohacks
According to Cointelegraph, the BNB Chain-based memecoin launch platform Four.Meme has experienced a security breach, with hackers targeting the increasing liquidity in meme tokens. The platform announced the attack on February 11, stating that their team had immediately intervened to address the issue. Four.Meme assured users that internal funds remain safe and unaffected by the breach.
Despite these assurances, the recent exploit on Four.Meme may have resulted in the loss of at least $183,000 worth of digital assets, as reported by blockchain security firm PeckShield. This incident highlights the ongoing challenges faced by the cryptocurrency industry, where hacks and exploits continue to damage its mainstream reputation and hinder adoption. While there was a 44% decrease in crypto hacks in January 2025, the month still saw over $73 million stolen.
In 2024, crypto hackers stole $2.3 billion across 165 incidents, marking a 40% increase compared to 2023, when $1.69 billion worth of crypto was stolen. These figures underscore the persistent threat posed by cybercriminals to the digital asset space. As this is a developing story, further information will be provided as it becomes available.#BNBChain #memecoin #FourMeme #securitybreach #cryptocurrency #hack #cybercriminals #digitalassets #PeckShield #blockchain #cryptoadoption #cryptohacks
🚀 Crypto Exploits Cause $49 Million in Losses in February
#CryptoExploits #BlockchainSecurity #CryptoLosses #PhishingAttacks #MaliciousWalletApproval #CryptoHacks #Scams #Nominis #NS3AI #PeckShield #Chainalysis
Blockchain analytics firm Nominis reports that crypto-related exploits resulted in approximately $49 million in losses in February, a significant decrease from the $385 million recorded in January. According to NS3.AI, attackers have increasingly focused on phishing and malicious wallet approval scams, primarily targeting individual users rather than protocols or exchanges. Separate data from PeckShield and Chainalysis suggest that while overall crypto security is improving, substantial hacks and scams continue to contribute to significant annual losses.#CryptoExploits #BlockchainSecurity #CryptoLosses #PhishingAttacks #MaliciousWalletApproval #CryptoHacks #Scams #Nominis #NS3AI #PeckShield #Chainalysis