In the fast-paced world of cryptocurrency, security breaches and exploits have become an unfortunate reality. Projects and platforms are constantly at risk of losing substantial sums of money to cunning attackers. However, Cyvers Vigilens, an innovative AI-powered security solution, has shown its prowess in detecting and responding to such threats in real-time. In this blog, we dive deep into how Cyvers Vigilens played a pivotal role in identifying and mitigating a $15.7 million exploit on the Stake betting project, one of the world's leading betting platforms.
Attackers address: https://etherscan.io/address/0x3130662aece32f05753d00a7b95c0444150bcd3c
On September 4, 2023, at 01:12:59 PM UTC, Cyvers Vigilens made history by detecting suspicious activity that ultimately saved millions. The system's AI-powered engine triggered an alert when it noticed the movement of 5900 ETH from the Stake project to an externally controlled Ethereum address (EOA). This event marked the second transaction of an attacker who was later identified as attacker address. Little did they know that Cyvers Vigilens was watching closely, and this was just the beginning.
Upon detecting the anomaly, Cyvers' internal Security Operations Center (SOC) team swung into action. They meticulously analyzed and validated the hack's progression and its root cause. The attacker attempted to cover their tracks by sending 1 ETH to three different EOAs for gas fees when swapping ETH to USDT using an exchange. However, their efforts were in vain as Cyvers Vigilens was already onto them.
The attacker's subsequent six transactions could have been prevented had the Stake project been equipped with Cyvers Vigilens from the outset. The Vigilens system's ability to proactively discover suspicious on-chain activity is second to none. With the power of AI, it can not only detect but also respond to threats in real-time. In this case, immediate action could have been taken to freeze the project, thwarting the attacker's subsequent transactions and securing the assets.
Even after the initial detection, Cyvers Vigilens continued to monitor the situation closely. Critical alerts kept pouring in as the system identified more suspicious transactions leading to fund transfers to externally owned accounts (EOAs), including a substantial transfer of $899,999.99 in DAI, $1.1 million in USDC, and $3.9 million in USDT. This watchful eye could have prevented further losses and allowed the Stake project to regain control of its assets. To ensure the accuracy of our findings, we proactively contacted Stake for verification through LinkedIn and social media accounts, further solidifying the integrity of our analysis.
The $15.7 million exploit on the Stake betting project serves as a stark reminder of the ever-present threats in the cryptocurrency world. However, with Cyvers Vigilens, the tides can be turned in your favor. Its AI-powered capabilities offer real-time threat detection, incident response, and the potential to prevent catastrophic losses. As we move forward in this digital age, the question is not whether you can afford Vigilens; it's whether you can afford to be without it.
Don't let your crypto project fall victim to malicious actors. Invest in Cyvers Vigilens today and join the ranks of those who refuse to compromise on security.
Stay vigilant. Stay secure. Choose Cyvers Vigilens.