UPCX Assures Users After Unauthorized Transfer of 18.4MTokens

Blockchain security firm Cyvers confirmed the incident, stating that it involved the transfer of 18.4 million UPC tokens valued at approximately $70 million from three separate management accounts

According to Cyvers, its security system determined that an unauthorized person had gained access to the address 0x4C….3583E and “upgraded the ProxyAdmin contract.” The individual then executed the “withdrawByAdmin” function, resulting in the unauthorized transfer of the UPC tokens.

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Hacker Steals $70 Million in UPC Tokens After Gaining Control of UPCX Smart Contract

Cyvers, which traced the suspicious activity to a contract upgrade by the attacker.

This attack follows patterns seen in previous exploits, according to Cyvers’ co-founder Meir Dolev. He pointed out that compromised credentials and flawed access control mechanisms were often to blame for such breaches. He noted that these issues accounted for over 80% of Web3-relatedlosses in 2024. Dolev also stressed the importance of improving security measures, particularly for wallet permissions and multisignature implementations, to prevent future incidents.

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Hacker transfers $70M out of payment platform UPCX

The blockchain security firm Cyvers flagged suspicious activity involving 18.4 million UPC tokens, estimating the value of the compromised funds at $70 million.

In a statement, Cyvers co-founder and chief technology officer Meir Dolev told Cointelegraph that while the root cause of the attack remained under investigation, these types of incidents often stem from compromised credentials or flawed access control mechanisms. 

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UPCX Suffers $70 Million Hack, Tokens Remain in Perpetrator’s Wallet

Cyvers crypto security firm traced the hack to a breach in the ProxyAdmin contract, executing a withdrawal function.

Cyvers, a crypto security firm that has tracked and uncovered several major crimes, identified a serious hack this morning. Multiple suspicious transactions took place involving UPCX’s management account, and the firm acknowledged suspicious activity. Cyvers showed the extent of the hack.

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Bybit exploit exposes security flaws in centralized crypto exchanges

^{According to Meir Dolev, co-founder and chief technical officer at Cyvers, the attack shares similarities with the $230 million WazirX hack and the $58 million Radiant Capital hack.} Dolev said the Ethereum multisig cold wallet was compromised through a deceptive transaction, tricking signers into unknowingly approving a malicious smart contract logic change.

Breaking: Bybit Exchange Hacked; $1.5 Billion in Crypto Lost

According to major Web3 analytics firms like ^{Cyvers Alerts and Arkham Intelligence, the alleged hackers exploited over 401,346 ETH tokens worth over $1.1 Billion in value along with other assets.} The security breach follows an earlier $1.5 billion suspicious activity alert issued by blockchain security firm ^{Cyvers Alerts, which had flagged unusual transactions involving Bybit’s wallet.}

Breaking Bybit Reportedly Suffered a $1.5 Billion Hack
This was likely caused by blind signing while attempting to execute a legitimate transaction. From that moment, the hackers had full control over the wallet and no longer needed additional signatures. ^{This attack is very similar to those on WazirX and Radiant Capital,” Meir Dolev, Co-Founder and CTO of Cyvers, told BeInCrypto.}

Bybit hacked for $1.46B in Ethereum wallet security break

On-chain investigator ZachXBT noted a series of suspicious outflows from Bybit’s wallets. ^{Cyvers also noted abnormal activity from the Bybit wallets.} Previously, the exchange was also attacked by address poisoning unrelated to the current hack.

The exchange saw outflows of $1.46B for mETH and stETH, which is being swapped back into ETH through DEX.

Phemex halts withdrawals amid $29M of 'suspicious' outflows

^{Blockchain security firm Cyvers has flagged nearly $30 million of suspicious outflows from Phemex.}

Cyvers' co-founder and chief technology officer, Meir Dolev, highlighted that 125 suspicious transactions were recorded across 11 blockchains, with some assets already swapped to bypass freezing...

Phemex Exchange Hacked: $29m Stolen, Withdrawals Suspended

^{‍The hack was first noticed by crypto security firm Cyvers}, who reported unusual transactions from the Phemex hot wallet.

Phemex Hacked: Over $29 Million Stolen Across Multiple Blockchains

^{‍Blockchain security firm Cyvers said its systems detected multiple suspicious transactions involving Phemex’s hot wallets across several chains.}

^‍Cyvers estimated that digital assets worth more than $29 million were transferred by suspicious addresses on chains including BNB, ETH, OP, POL, BASE, and ARB.

Crypto Exchange Phemex Investigating Hack Reports as $29M Drained From Hot Wallets

^{‍Crypto security firm Cyvers reported} "multiple suspicious transactions" from the Phemex hot wallet across multiple blockchains. The funds were swapped for ether (ETH).

No Country For Young Fintechs: The U.K.’s Debanking Of Crypto Blockchain And Web3

‍A survey of U.K. fintech and crypto firms found that 50 percent of the firms surveyed have been rejected from opening a bank account or had an account closed by a major U.K. bank. Only 14 percent managed to successfully apply for a bank account with one of "the CMA 9” - the nine biggest mainstream banks in the U.K. - without it being closed at a later date.

Over $2.3 Billion Stolen in Crypto Hacks and Frauds in 2024

^{According to Cyver s’ annual report, access control vulnerabilities stood out as a primary driver of losses}, responsible for 81% of the total stolen funds.

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“The surge in access control breaches and sophisticated scams like Pig Butchering underscores the importance of implementing AI-powered risk assessment, transaction validation, and anomaly detection tools. Security must evolve to stay ahead of increasingly complex and coordinated attack,” Cyvers told BeInCrypto.

Web3 Cyber Threats Surge in 2024: Cyvers Report

^{Web3 cyber threats surged in 2024, with losses exceeding $2.3 billion across 165 incidents, according to Cyvers.}

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In its report summarizing key security trends in 2024, ^{Cyvers said access control-related incidents (67) accounted for 81% of the $2.3 billion lost.} About 98 smart contract exploits caused losses totaling $456.3 million. The report noted that one address poisoning incident resulted in a loss exceeding $68 million.

Cyvers revient sur les menaces web3 en 2024 : rapport sur près de $6 milliards dérobés

Les cyberattaques dans le web3 explosent en 2024, atteignant 6 milliards de dollars. ^{Cyvers répond avec des solutions innovantes pour sécuriser l’écosystème blockchain.}

Les cyberattaques dans le web3 ont atteint 6 milliards de dollars en 2024, une hausse de 40% par rapport à 2023, dominées par des violations de contrôle d’accès et des escroqueries pig butchering.

Ethereum est la blockchain la plus touchée, avec 1,2 milliard de dollars perdus en hacks et phishings, tandis que les contrats intelligents ont causé des pertes de 456,3 millions de dollars.

Des spécialistes de la cybersécurité comme Cyvers proposent des outils innovants, tels que la validation préemptive et l’analyse avancée des graphes, pour prévenir les attaques et renforcer la sécurité des actifs numériques.

Crypto thieves score big on centralized services, private keys in 2024

^{The centralized finance (CeFi) sector was hit particularly hard, “experiencing a nearly 1,000% year-over-year increase in incidents,”} Web3 cybersecurity firm Cyvers told Cointelegraph.

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Cyver s’ co-founder and chief technology officer, Meir Dolev, and the firm’s senior blockchain scientist, Hakan Unal, emphasized the importance of adopting advanced security strategies, such as real-time threat detection, crosschain monitoring and preemptive prevention measures to mitigate these rising risks. “

^{"Emerging threats like AI-driven attacks and quantum vulnerabilities highlight the need for proactive measures and stronger regulatory oversight to protect digital assets.”}

South Korea’s Upbit Refunds 8.5 Billion Won To Crypto Fraud VictimsCrypto safety received a major boost in South Korea after the largest crypto exchange, upbit.co.kr/, announced reimbursements of 380 victims who had been defrauded through voice phishing in the amount of 8.5 billion won ($6.07 million). It shows how the exchange has stepped up efforts in cooperation with law enforcement agencies to combat cyber fraud.

Crypto Exchange M2 Reports $13.7 Million Hack in Security Breach

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^{The trouble was first noticed by Cyvers Alerts,} that found suspicious transactions involving M2 on three major networks: Ethereum (ETH), Solana (SOL), and Bitcoin (BTC).

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After spotting something unusual, ^{Cyvers tried reaching out to M2 but didn’t get a response at first.} M2 later confirmed that something was wrong and explained what happened.

^{According to Cyvers , the suspicious address collected about $3.7 million} in USDT, 97 million in SHIB, and 1,378 ETH. The hacker then swapped everything into Ethereum and left about $10 million on the Ethereum blockchain.

Cyvers even shared the address for those following the case on Etherscan.

UAE’s M2 crypto exchange hacked for $13.7M, assures full fund recovery

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^{Cyvers commented to CryptoSlate that this attack is part of a worrying trend of increasing security breaches in crypto.}

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^{Cyvers pointed out that centralized finance (CeFi) platforms have seen a nearly 1,000% spike in security incidents} year over year, while DeFi platforms reported a 25% decrease in losses. However, they remain at risk due to the complexities of smart contracts and protocols.

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Crypto Exchange M2 Confirms $13.7 Million Breach, Says Issue Resolved Within 16 Minutes

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In a statement shared with Bitcoin.com News, ^{Cyvers said the latest security incident highlights the growing vulnerability of both centralized and decentralized finance} platforms to attacks. However, the security firm noted that centralized finance platforms appear more susceptible, citing a 1,000% surge in the number of incidents compared to a 25% drop in losses for decentralized finance platforms during the same period.

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^{Cyvers pointed to the $305 million DMM hack and the $235 million Wazirx heist as examples} of the risks facing cryptocurrency exchanges. The firm urged these entities to adopt better strategies to protect users.

M2 Exchange - Rekt

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^{Cyvers ' AI sentinels were the first to spot} the darkness spreading, as multiple suspicious transactions slithered across ETH, SOL, and BTC chains.

Radiant Capital Suffers $50 Million Hack; Second Major Attack in 2024

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^{Cyvers Alerts first recognized this news,} detecting a series of suspicious transactions involving Radiant Capital on multiple chains.

^{Cyvers warned users} to avoid all interactions with Radiant until further notice.

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“It appears that the platform has suffered a private key compromise, leading to an ongoing attack. A malicious actor gained control of multi-sig wallets and has already drained over $50 million in user assets by exploiting the transferFrom function,” said Cyvers ’ alert.

Radiant Capital Loses $50M in its Second Attack This Year

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^{According to Cyvers Alert reports} , the platform witnessed a private key compromise in its BSC (BNB Smart Chain) and ARB chains that led to the loss of $50 million worth of funds.

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^{Cyvers, the on-chain detective, revealed a detailed analysis} of how the attack happened. Radiant Capital, similar to other leading cryptocurrency firms, uses a multi-signature wallet for security

Radiant Capital Hit by $50M Loss in Second Attack

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^{According to Cyvers Alert} , Radiant Capital faced a private key compromise that impacted its activities on the BNB Smart Chain (BSC) and ARB chains, leading to a loss of about $50 million in money. ^{Cyvers , which is known for its on-chain investigation work,} offered a thorough examination of the incident.

Radiant Capital Hit By $50 Million Crypto Hack

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^{Cyvers Alerts reported} that the Radiant platform appeared to have “suffered a private key compromise, leading to an ongoing attack. A malicious actor gained control of multi-sig wallets and has already drained over $50 million in user assets.

Radiant Capital Suffers $50 Million Hack; Second Major Attack in 2024

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^{Cyvers warned users to avoid all interactions} with Radiant until further notice.

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"^{It appears that the platform has suffered a private key compromise, leading to an ongoing attack.} A malicious actor gained control of multi-sig wallets and has already drained over $50 million in user assets by exploiting the transferFrom function,” said Cyvers ’ alert.

Radiant Capital Hit By $50 Million Crypto Hack

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^{Cyvers Alerts reported that the Radiant platform appeared to have “suffered a private key compromise ,} leading to an ongoing attack. A malicious actor gained control of multi-sig wallets and has already drained over $50 million in user assets.

“Users are strongly advised to avoid interacting with the protocol at this time and revoke all data approval for the protocol. Please exercise caution until the situation is resolved.”

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Bingx Hit With $52 Million Hack, Lazarus Group Suspected

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Asian cryptocurrency exchange Bingx confirmed on Sept. 20 that a hacking attack forced them to suspend withdrawals. While the company claimed “minor asset loss,” ^{security firm Cyvers estimated total losses at approximately $52 million}

Explaining the higher loss estimate,^{Hakan Unal, Senior Security Operations Lead at Cyvers} , cited a more comprehensive analysis of the incident across all affected chains which led to a “more accurate estimate of the $52 million loss.”

BingX ‘minor’ loss in suspected hack climbs to $52M

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“As more wallets are identified, the total loss grows. Initial estimates, like $13 million, were likely incomplete, but updates from forensics firms, now reporting figures like $43 million, show a clearer picture,”^{Hakan Unal, senior security operations lead at Cyvers Alerts, told Cointelegraph.}

Crypto Exchange BingX Hit by Hack That Drained at Least $27m (1)

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^{Cyvers , which provides security services for crypto firms}, estimated that some $52 million worth of crypto was lost to the hackers, after discovering additional wallets that have been compromised.

Singapore Crypto Exchange BingX Suffers Hot Wallet Exploit, Over $52M Reportedly Stolen

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The attack affected several blockchains, with ^{Cyvers Alerts estimating a total loss of over $52 million.}

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^{Cyvers Alerts later updated the loss figure, indicating that the total now exceeds $52 million, with most of the stolen assets being swapped.} The affected chains include Ethereum, BNBChain, BASE, Optimism, Polygon, Arbitrum, and Avalanche.

Indonesian Crypto Exchange Hit by $20.5M Hack, Lazarus Group Suspected

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^{According to Cyvers}, the attacker, believed by some observers to be the Lazarus Group, performed more than 150 transactions. The security firm believes the attack vector exploited by the attacker is related to an access control violation.

Indonesian exchange Indodax faces $20 million loss from apparent exploit

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"We identified a significant security breach targeting Indodax's hot wallet, resulting in a loss of over $20.5 million across multiple chains, "^{said Yosi Hammer from blockchain security firm Cyvers}. "Our real-time monitoring systems flagged 160 critical red flags at the onset, beginning with a transfer of 660 ETH."

Indonesia’s Largest Centralized Exchange Suffers $18 Million Exploit: Report

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On September 11, ^{Cyvers Alerts took to X to notify the exchange of suspicious transactions.}“Our system has detected multiple suspicious transactions involving your wallets on different networks,” the company stated.

Indonesian crypto exchange Indodax hacked, issues advisory

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^{Cyvers Alerts issued an alert to Indoda}x suggesting that its system detected multiple suspicious transactions involving the exchange’s wallets on different networks. It mentioned that a suspicious address was holding $14.4 million USD and was caught swapping the tokens for Ether.

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It later added that they detected more than 150 such transactions and the total loss had breached $18.2 billion.

Indonesian crypto exchange Indodax suffers $22m hack: report

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^{Analysts at Cyvers  , another blockchain forensic firm}, say the hackers have already swapped the stolen tokens to Ethereum, with on-chain data showing altcoins have also been converted into TRON, Polygon, and Bitcoin.

Bitcoin ETFs are next major target for North Korean hackers — Cyvers

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Hackers could start shifting their attention to the US Bitcoin ETFs due to the sizable potential bounty, ^{according to Michael Pearl, vice president of GTM strategy at onchain security company Cyvers}

Pearl told Cointelegraph in an exclusive interview:

“Only recently the FBI has issued a warning that North Korean hackers are going to try to infiltrate and steal money from ETFs. So, all those ETFs […] are storing the base Bitcoin somewhere. And you can be certain that somebody is already planning and thinking of how they're going to steal it.”

Uncertainty around the mandatory reimbursement cap for APP frauds – a new headache for FI firms and their insurers?New regulations coming on 7 October 2024 will require payment firms to reimburse victims of authorized push payment (APP) fraud up to a set limit. On 4 September 2024, the Payment Systems Regulator (PSR) announced a consultation proposing to set this limit at £85,000, vastly reduced from the previously proposed £415,000 cap.

Penpie - Rekt

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It didn't take long for the blockchain sleuths to mobilize, within 20 minutes, ^{Cyvers confirmed the worst} as the damage had ballooned to a staggering $27 million.

DeFi Protocol Penpie Loses $27 Million in Hack, PNP Token Sinks 40%

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^{Blockchain security firm Cyvers reported the incident}, detecting suspicious activity involving Penpie’s contract. Based on the report, the address funded by a crypto mixing service has executed a malicious transaction and got around $27 million worth of digital assets.

Penpie hacker launders 26% of $27M stolen funds in 12 hrs

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On Sept. 4,^{Web3 security firm Cyvers alerted} about the hacker transferring 26% of the hacked funds to a Tornado Cash address.

Penpie DeFi Platform Reportedly Hit With $27 Million Security Breach

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^{According to the real-time on-chain monitoring system Cyvers Alert}, the hack led to the loss of at least $26 million in various wrapped and synthetic crypto assets.

Over 70% of hacked funds are lost to CeFi entities: ^Cyvers

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^{To improve these vulnerabilities, the industry needs a more holistic approach to Web3 security, according to Cyvers’ Lavid, who said:}

“Addressing these vulnerabilities requires a shift towards a more mature and conscious approach to security. Securing entire networks, not just individual projects, and focusing on both technological and human factors are essential steps in this direction, especially as L2 networks continue to grow."

Terra exploited for $6.8m due to reentrancy vulnerability: report

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^{According to Cyvers, hackers have stolen 60 million} ASTRO, 3.5 million USDC, 500,000 USDT and 2.7 Bitcoin BTC-0.93%Bitcoin from the Terra blockchain. The total amount of reported losses has reached roughly $6.8 million.

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^{Cyvers claims that this vulnerability was “revealed in April of this year.”}

WazirX Hit By ₹1,900 Cr Breach; North Korean Hacker Group Suspected Behind Cyber Attack

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^{The breach was first noticed by Cyvers}, a cryptocurrency cybersecurity firm based in Israel, who, after verifying it, immediately reached out to WazirX and also announced the breach on X.

^{Hakan Unal, Senior Security Operation Center Lead at Cyvers}, told the FPJ in an exclusive interview that the breach was detected almost as soon as it was executed, thanks to their advanced Artificial Intelligence-based monitoring systems.

WazirX halts trading after a $234 million hack

^{Web3 security firm Cyvers has detected} “multiple suspicious transactions” involving WazirX’s Safe Multisig wallet on Ethereum.

^{According to the Cyvers report}, “The suspicious address has already swapped PEPE, GALA, and USDT to ETH and continues to swap other digital assets.” 

WazirX Halts Withdrawals after $235 Million Breach Linked to Tornado Cash

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^{Cyvers Alert announced the detection of multiple suspicious transactions} involving WazirX’s Safe Multisig wallet on Ethereum. The firm identified that $234.9 million in funds from the wallet were transferred to a new address.

Indian crypto exchange falls victim to $235M hack

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^{Web3 security firm Cyvers has detected “multiple suspicious transactions"} involving WazirX’s Safe Multisig wallet on Ethereum.

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According to an X post, it is believed that $234.9 million of funds in the Safe Multisig wallet of the Indian crypto exchange have been moved to a new address, with each transaction’s caller funded by Tornado Cash, the decentralized protocol for private transactions.

North Korean Hackers Are Suspected in $235 Million Crypto Theft

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^{Blockchain security firm Cyvers said} $234.9 million of assets have been drained from the exchange and moved to a new address.

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^{Based on the Cyvers estimate} , the amount lost from the multiple-signature wallet on WazirX would be one of the biggest crypto thefts in recent years and comes just a month after Japanese crypto exchange DMM Bitcoin lost over $300 million in a hack, renewing concerns around the sector that has been vulnerable to similar exploits.

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Breaking Indian Crypto Exchange WazirX Halts Withdrawals After a $234.9 Million Hack

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^{Cyvers expressed concerns that the WazirX Safe wallet} may have been compromised by a potentially malicious entity. After the transfer, the suspicious address began a series of cryptocurrency swaps.

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^{Deddy Lavid, CEO of Cyvers, shared insights with BeInCrypto:} “The use of TornadoCash to fund the transactions is indicative of methods used in previous high-profile attacks. While it is too early to definitively link this incident to the Lazarus Group, the similarities are concerning.

Cyvers is closely analyzing the situation,”.

Half Of Investors’ Funds Gone From WazirX In Massive Breach

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^{Cyvers Alerts reported unauthorized transactions} involving their Safe Multisig wallet in which funds were moved to a different wallet on the Ethereum network, suspecting a massive hack at WazirX.

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The transactions reportedly originated from accounts funded by TornadoCash, a cryptocurrency mixing service commonly used to obfuscate transaction trails, which made the experts at Cyvers suspicious.

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^{Cyvers alleged that the transferred funds were swiftly converted} from various digital assets like $PEPE, $GALA, and $USDT into Ethereum ($ETH) and further into other digital assets.

WazirX Protocol - REKT

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^{Cyvers sounded the alarm shortly after the attack}, detecting multiple suspicious transactions being funded by Tornado Cash making moves on the platform.

WazirX $235 Million Hack: North Korean Hackers Suspected Behind Heist

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According to security platform ^{Cyvers, which flagged multiple suspicious transactions from the platform,} hackers moved over $234.9 million worth of funds from WazirX to a new address. The security firm noted that transactions from crypto mixing service Tornado Cash initiated the hack, highlighting potential concerns about the source of the funds.

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^{Cyvers reported that the address linked to the hackers} had begun converting PEPE, GALA, and USDT into Ethereum. The security firm confirmed active swapping of other assets as well.

LiFi Protocol Under Attack with Over $10 Million Drained

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^{According to reports from Cyvers Alerts}, the breach involved suspicious transactions targeting the Li.Fi protocol through a specific contract address.

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Meir Dolev, co-founder and Chief Technology Officer at Cyvers, emphasized the risk of such approvals, stating,

“Hackers can exploit these approvals to drain both assets stored in the contracts and funds in the connected wallets of users.”

LiFi Protocol exploited for $10 million, warns users to avoid platform

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On July 16, ^{Cyvers Alert reported suspicious transactions involving a LiFi smart contract.}

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^{Meir Dolev, co-founder and chief technology officer at Cyvers, told CryptoSlate:}

“The incident highlights the dangers of giving wallet approvals to smart contracts. It’s crucial for protocols to stay alert, as hackers can take advantage of these approvals to steal both assets in the contracts and funds in users’ connected wallets.”

Li​.Fi protocol attacked, $10M drained

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^{According to Cyvers,} approximately $10 million in cryptocurrency holdings were drained, which also affected the Arbitrum blockchain.

^{Dolev told} Cointelegraph that “this incident underscores the risks inherent in granting wallet approvals to smart contracts.”

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^{Cyvers reported on the incident}, explaining that the attacker funded the attack through the zero-knowledge protocol Railgun and swapped the stolen USD  for Ether (ETH).

LiFi Protocol loses over $8M in a cyberattack

Holograph hack leads to $7M loss, HLG token dives 80%

^{Blockchain security firm Cyvers tracked part of the stolen funds, revealing the hacker's strategy} involving USDT, ETH, and privacy protocols.

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Blockchain security platform ^{Cyvers reported that some of the stolen tokens were swapped for the USDT stablecoin}, which the attacker used to acquire 300 ETH. Subsequently, the hacker distributed the funds to several addresses, including those linked to privacy protocols like Tornado Cash and Railgun.

Sifu’s Uwu Lend hacked again by same attacker, loses $3.7M

Uwu Lend was hacked again on Thursday for $3.7 million, ^{according to the blockchain security firm Cyvers.}

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^{Cyvers revealed that the attacker hit them again 24 hours later.} The protocol came out of leading lending protocol Aave, particularly its so-called v2 codebase, allowing users to borrow, lend and stake a variety of crypto assets.

UwU Lend hit by $20M crypto hack

The ongoing exploit has already netted the attacker nearly $20 million in digital assets.

^{The $14 million exploit was first discovered by on-chain security firm Cyvers,} which wrote in a June 10 X post:

“Hey @UwU_Lend , you are being attacked! So far address got around $14M…”

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While the team is still investigating the incident, it is shaping up as a major cryptocurrency hack that affected multiple assets, according to ^{Meir Dolev, chief technology officer and co-founder of Cyvers.}

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Dolev told Cointelegraph:

“The attack is still ongoing, but we can already see that we’re talking about a major incident that has already passed the $20 million threshold. We’re talking about different assets (like WBTC and DAI) that are drained from the pools and being converted to ETH.”

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Shortly after the attack, Cyvers revealed that the attack was funded by the crypto mixing protocol Tornado Cash and executed three malicious transactions. According to Dolev:

“The UwU lending contract was exploited by an attacker that executed three transactions in six minutes and drained approximately $20 million. The attacker was funded from Tornado Cash two days ago.”

DeFi Platform UwU Lend Undergoes Cyber Attack: $19.5 Million Lost

^{The Web3 security firm Cyvers identified and reported this alarming incident.}

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As of this writing, the platform is still under attack. In an interview with BeInCrypto,

Cyvers co-founder Meir Dolev shed light on the incident:

“The UwU lending contract was exploited by an attacker that executed 3 transactions in 6 minutes and drained approximately $20 million. Attacker was funded from Tornado cash 2 days ago,” Dolev told BeInCrypto

UK crypto exchange stops trading after $22m is lost in ‘security incident’

Most of the biggest hacks this year have been due to private key leakage ―^{a security problem identified by cybersecurity outfit Cyvers as a potential major concern for crypto companies.}

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Last year, ^{Cyvers’ research revealed} that 85% of the $900 million stolen from exchanges, bridges and DeFi protocols in the latter half of the year were due to private key leakage.

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^{Cyvers co-founder Meir Dolev} previously told DL News the problem could become more endemic to crypto if industry participants did not adopt safety measures.

CoinGecko confirms email provider data breach, over 23,000 phishing emails sent

To safeguard from phishing emails, users should double-check the email’s authenticity and ensure they have two-factor authentication (2FA) on crypto platforms, ^{according to Hakan Unal, senior blockchain scientist at on-chain security firm Cyvers.} He told Cointelegraph:

“The immediate concern is the risk posed to individuals who might receive these compromised emails. To stay safe, users should verify the authenticity of such emails and enable multifactor authentication on all crypto accounts.”

Tether CEO warns of new wave crypto airdrop scam emails, CoinGecko potentially affected

To safeguard from phishing emails, users should double-check the authenticity of the email and make sure they have two-factor authentication (2FA) on crypto platforms, according to ^{Hakan Unal, senior blockchain scientist at on-chain security firm Cyvers. He told Cointelegraph:}

“The immediate concern is the risk posed to individuals who might receive these compromised emails. To stay safe, users should verify the authenticity of such emails and enable multifactor authentication on all crypto accounts.”

Real World Assets Need Real-Time Security: Cyvers CEO

Blockchain technology is causing a seismic shift in how we think about asset ownership and investment. The ability to “tokenize” real-world assets (RWAs) such as real estate, art, commodities, and intellectual property has tremendous disruptive potential.

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^{Deddy Lavid, CEO at AI Web3 security firm Cyvers}, told BeInCrypto that failing to implement robust safeguards could expose investors to undue risks and liabilities and curb the impressive growth of this booming market.

BNB Chain Hit by $80K Bitcoin Theft

A recent suspected exploit on the BNB Chain led to the theft of around $80,000 worth of Bitcoin (BTC) through several suspicious transactions. The identity of the token contract involved remains undisclosed, and speculation suggests that the perpetrator could be a white-hat hacker, ^{as noted by on-chain security firm Cyvers.}

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^{According to on-chain security firm Cyvers}, the exploited token contract remains unidentified, but the attacker’s actions suggest they might be a white hat hacker.

In a May 28 post on X, Cyvers noted that the attacker received funding through the cryptocurrency mixing service Tornado Cash, commonly used by malicious actors to hide the origin of their funds.

BNB Chain exploited for $80K of fake BTC tokens

While the exploited token contract is still unknown, the attacker could be a white hat hacker, or ethical hacker, who uses his skills to find security vulnerabilities, ^{according to on-chain security firm Cyvers. The firm wrote in a May 28 X post:}

“The total loss is approximately $80K. The attacker received funding via TornadoCash and has also interacted with the Binance exchange, indicating a possible white hat action.”

DeFi protocols Sonne Finance and ALEX Lab lose over $24 million in separate hacks

The crypto projects have offered their attackers a 10% bounty to return the stolen funds.

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Decentralized liquidity provider Sonne Finance fell victim to a $20 million exploit on its Optimism network-based USDC and Wrapped Ethereum (WETH) contracts ,^{according to blockchain security firm Cyvers}.

Sonne Finance Suffers $20M Exploit, Hacker Flees

On May 14, around 10:30 pm UTC ,^{Web3 security firm Cyvers ddetected an ongoing attack on Sonne Finance}’s USD and Wrapped Ether (WETH) contracts ,^{at the time they had only stolen $3M in cryptocurrency.}

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^{However, Sonne Finance only Became aware of the issue 25 minutes later}. By that time, they had already been drained of $20 million of WETH, Velo (VELO), soVELO, and Wrapped USDC (USDC.e).

Sonne Finance and BlockTower Capital Hacked: Combined Losses Exceed $20 Million

Sonne Finance, a decentralized liquidity market protocol operating on Optimism and Base, has been struck by a significant cyber attack.

^{Blockchain security firm Cyvers detected the attack on May 15} in the early morning of Asia.

Reinventing Blockchain Security: Exclusive Interview With Cyvers CEO Deddy Lavid

From firewall to blockchain technology, the search for a definitive solution to cybersecurity challenges continues. Today, blockchain security, a $4 billion problem, has provoked an ongoing arms race between innovative security solutions and evolving cyber threats.

BREAKING: ~$68.3M WORTH OF $WBTC ON @ethereum SUSPECTED TO HAVE BEEN LOST IN ADDRESS-POISONING SCAMH/T: @CyversAlerts

🚨 JUST IN: Address poisoning scam claims $68M in Wrapped #Bitcoin from an unknown trader, per @CyversAlerts.

Trader loses $68M in address poisoning scam

An unknown trader lost $68 million worth of Wrapped Bitcoin (WBTC) in a single transaction in an address-poisoning scam.

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^{The $68 million theft was first revealed by on-chain security firm Cyvers in a May 3 X post:}

^{“Are we mistaken, or has someone truly lost $68 million worth of $WBTC? Our system has detected another address falling victim to address poisoning, losing 1,155 $WBTC.”}

Exploiter Steals $68M Worth of Crypto Through Address Poisoning

A user unintentionally sent 1,155 wrapped bitcoin to an exploiter's wallet after being targeted by address poisoning.

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^{Security platform Cyvers and blockchain sleuth ZachXBT confirmed that $68 million had been lost} to an address poisoning scam.

Crypto user loses $69.3m to address poisoning scammer

On-chain investigator ZachXBT and crypto security provider Cyvers corroborated the news. ^{Cyvers CTO Meir Dolev said the case was “probably the highest value lost due to an address poisoning scam” to date.}

Crypto trader loses $70.5 million in address poisoning scam, highest recorded yet

^{Blockchain security firm Cyvers Alert reported} that an unnamed crypto trader lost 1,155 Wrapped Bitcoin (WBTC), equivalent to $70.5 million worth, to address poisoning.

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The modus operandi involves creating addresses strikingly similar to the target’s, employing identical starting and ending characters to deceive unsuspecting victims.

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Pike Finance Suffers Double Attack in 3 Days, Loses $1.98M in Smart Contract Exploit

^{A recent report by Cyvers Alert, a blockchain security and analytics firm, revealed a troubling discovery}: the hacker managed to exploit vulnerabilities in smart contracts across three different chains – Ethereum, Arbitrum, and Optimism – all on April 30.

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The attacker gained control over the output address within Pike Finance’s smart contract, orchestrating a significant transfer of cryptocurrency to their own account. The damage totaled $1.4 million in Ether (ETH), $150 thousand in Optimism (OP) tokens, and over $100 thousand in Arbitrum (ARB) tokens.

Pike Finance Exploited Twice in Three Days, Over $1.6 Million Lost

On early Wednesday morning ^{,blockchain security firm Cyvers identified several anomalous transactions on the cross-chain lending protocol of Pike Finance}. Cyvers further revealed that this suspicious transaction resulted in a substantial financial loss of approximately $1.6 million.

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Crypto Shock: ZKasino.io Disappears, Leaving Investors in the Lurch

^{‍It was Cyvers Alerts, a beacon of vigilance in the ever-watchful cryptocurrency community, that first sounded the alarm.} With a single tweet, they set off a chain reaction of shock and scrutiny, revealing the dark underbelly of ZKasino.io’s demise.

Crypto Shock: ZKasino.io Disappears, Leaving Investors in the Lurch

^{It was Cyvers Alert, a beacon of vigilance in the ever-watchful cryptocurrency community, that first sounded the alarm}. With a single tweet, they set off a chain reaction of shock and scrutiny, revealing the dark underbelly of ZKasino.io ’s demise.

DeFi Platform Hacked for at Least $1,900,000 and Possibly More on Ethereum and Arbitrum Blockchains

In a new announcement, ^{cybersecurity firm Cyvers says that DeFi platform Hedgey Finance has been breached} by bad actors who took at least $1.9 million worth of funds that were converted to the stablecoin Dai (DAI).

DeFi platform Hedgey Finance hit by $44 million exploit

Hedgey suffered an exploit worth over $42.8 million Arbitrum (ARB) tokens on the Arbitrum network, ^{according to an April 19 X post by on-chain security firm Cyvers.}

Infrastructure Protocol Hedgey Incurs $45 Million Loss in Cyberattack

The attacker managed to maneuver through Hedgey Finance’s digital defenses by executing transactions that siphoned off assets totaling around $44.5 million. ^{Cyvers, a cybersecurity firm specializing in blockchain technology, initially detected this incident.}

Hedgey Finance hacked for $44.7m on Arbitrum, Ethereum

According to alerts from security startup Cyvers, Hedgey Finance was hacked on April 19 across the Ethereum (ETH) and Arbitrutm (ARB) blockchains. ^{Cyvers reported that the first attack was deployed on ETH’s chain, and hackers stole around $1.9 million in crypto.}

Teahouse Finance is a multi-strategy DeFi platform specializing in secure and transparent asset management. Much like a hedge fund, Teahouse aims to help enterprise and individual clients grow their crypto assets through its wide range of professional strategies that align with users’ risk tolerance and investment goals.

Defi platform on Base network experiences $2m hack

^{‍According to web3 security firm Cyvers, the breach occurred on Grand Base’s deployer wallet,} as the attacker gained full privileges to mint the defi protocol’s native token, GB. Following the breach, the price of Grand Base plummeted nearly 99%.

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DeFi Protocol Grand Base Hacked: Over $2 Million Lost

^{Analysts at AI Web3 security firm Cyvers told BeInCrypto the criticality of the situation}. They noted that the attacker’s ability to mint new tokens magnified the financial damage and exposed severe security flaws.

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“The compromised deployer’s wallet losing access control raises concerns, emphasizing the urgency for heightened security protocols and vigilant monitoring to safeguard against such devastating losses in the future,” analysts at Cyvers emphasized.

This DeFi Altcoin Is Under Heavy Attack: Price Resets!

^{Blockchain security firm Cyvers shared some explanations on the matter}. Accordingly, the hacker managed to access the wallet of the Grand Base distributor. Thus, it initiated asset transactions, leading to a dramatic sale of assets worth around $2 million. This action led to a loss of more than 99% in the GB token value of the DeFi altcoin project.

^{Cyvers Alert:} Abnormal transactions of Privago.ai’s native token PVGO occur, warning not to participate

^{Cyvers Alerts} monitored that its system detected abnormal trading behavior of the native token PVGO of the Privago.ai project and strongly warned not to participate in this project.

CYVERS ONBOARDS MICHAEL PEARL AS VP OF GTM STRATEGY

‍Fintech veteran Michael Pearl has joined blockchain security firm CyVers as vice president of GTM strategy. He leaves a tenure of three years at Tel Aviv-based Kirobo, a developer of decentralized solutions, where he had served as Chief Operating Officer since 2021.

^{$739.7 Million in Crypto Hacked in Q1 2024: Cyvers}

‍The first quarter of 2024 has unfolded as a pivotal chapter in the narrative of Web3 security, marked by both notable achievements in threat mitigation and profound challenges.

This report synthesizes key findings from AI Web3 security firm Cyvers’ comprehensive analysis of security incidents in Q1 2024, highlighting emerging threats and underscoring the importance of resilience within the ecosystem.

KiroboFlow's Chief Operating Officer Michael Pearl Joins Cyvers as VP GTM Strategy

‍Michael Pearl, the Chief Operating Officer of the blockchain firm KiroboFlow, has moved to Cyvers as the VP for GTM Strategy. ^{Cyvers is a blockchain security company using machine learning to detect cryptocurrency attacks.}

Unprecedented Cyber Theft Shakes Cryptocurrency Market: What You Need to Know

^{‍Leading the charge in combating these threats is Cyvers, an AI Web3 security firm at the forefront of innovation in real-time threat detection and proactive mitigation strategies.}

Teaming up with industry partners, Cyvers is dedicated to fortifying the resilience of digital assets against a myriad of cyber threats, ensuring the protection of investments and the orderly functioning of cryptocurrency markets.

FixedFloat Crypto Exchange Allegedly Exploited for $2.8M

‍The incident follows a previous security breach in February, suggesting vulnerabilities in access controls.

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^{‍"The security breach at FixedFloat suggests an access control issue, similar to a previous hack on February 16,” Cyvers Alerts told BSCN. “In both incidents, unauthorized access to the hot wallet led to the withdrawal of significant funds ($2.8M and $26M, respectively).”}

Binance Labs-backed OpenLeverage suffers $236k exploit

^{‍According to CyversAlert, the attacker’s wallet for covering fees was funded by Tornado Cash}, an OFAC-sanctioned crypto mixing protocol, although the specifics of the attack remain unclear as of press time.

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Decentralized Exchange FixedFloat Loses $3 Million to Second Hack in One Month

‍^{Cyvers Announces Second FixedFloat Hack}

^{‍Cyvers Alerts, an X account posting real-time security alerts, revealed the hack.} In an X post, Cyvers noted that hackers withdrew the funds from a hot wallet on the ETH chain and sent the assets to another address through several cryptos, including Ether (ETH), USDC, DAI, USDT, and Wrapped ETH (wETH). Reportedly, the hacker used eXch, a smart contract used to swap tokens. As of this writing, the DEX’s official website is unavailable due to “technical work.” Interestingly, FixedFloat has not confirmed or denied the hack.