Nexera, a decentralized finance (DeFi) protocol bridging DeFi with traditional finance, has been exploited, losing $1.5 million worth of Nexera (NXRA) tokens. The security breach was announced on August 7 by Cyvers via X:
“Our system has detected a suspicious transaction involving your proxy contract. An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens.”
This incident follows closely on the heels of a $9.8 million exploit of the Ronin Network, highlighting an unsettling trend in DeFi security breaches. The hacker behind the Nexera attack has already begun converting the stolen NXRA tokens into Ether, as Cyvers noted:
“The address is currently selling all the tokens for $ETH, and some of the funds have already been bridged to the $BNB chain. The total estimated loss is around $1.5 million.”
Converting stolen tokens into Ether and using cryptocurrency mixers like Tornado Cash to obscure the funds’ origins is a common tactic among cybercriminals, complicating efforts by cybersecurity firms to trace the transactions.
Further investigation by onchain investigator ZachXBT reveals that this hacker has a history of malicious activities. The same addresses linked to the Nexera exploit have been involved in previous incidents, including private key compromises in SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, and others.
This breach is part of a troubling pattern of large-scale hacks in the cryptocurrency world. Just three weeks ago, WazirX, an Indian cryptocurrency exchange, suffered a $230 million hack, marking the second-largest crypto theft of 2024.
As these incidents continue to rise, the need for enhanced security measures in the DeFi space becomes ever more critical. The Nexera hack serves as a stark reminder of the vulnerabilities that still exist in decentralized finance platforms.
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