Security firm PeckShield reports that the hacker successfully transferred roughly 551 BNB from this altcoin to Tornado Cash.
This altcoin has been hacked
Decentralized exchange (DEX) protocol CoW Swap was recently hacked, losing at least 550 BNB in a contract exploit that confirmed funds transfers from the protocol. Blockchain researcher MevRefund flagged the event and found that funds had moved away from the CoW Swap. The MEV researcher warned DEX and its users of exploiting the vulnerability in a Twitter thread.
According to smart contract auditing firm BlockSec, a wallet address has been added by a multisig as a “solver” for this altcoin. The address then initiated the process to approve DAI to SwapGuard, which led SwapGuard to transfer DAI from CoW Swap deal agreement to other addresses.
Blockchain security firm PeckShield estimates that around 551 BNB, worth $181,600 at the time of this writing, have been lost. After stealing the assets, the hacker moved the funds to the notorious crypto mixer Tornado Cash.
During the attack, some members of the community panicked and urged users to revoke confirmations from DEX. But the decentralized finance (DeFi) protocol says it’s not necessary.
Team cannot access funds directly
According to CoW Swap, the exploited settlement agreement only has access to the fees that the protocol collects in a week. The team said it cannot directly access user funds without an order signed by users.
cryptocoin.com According to data from COW, it is trading at $0.090, down 4.4% in the last 24 hours. Meanwhile, despite the hacks surrounding DeFi, the space has had a productive start in 2023, according to a report from DappRadar. The data showed that the protocols recorded significant growth in their total value locked in January.
On the other hand, the United Nations also reported that North Korean hackers stole more cryptocurrencies in 2022 than in any other year. The report estimates that hackers linked to North Korea were responsible for between $630 million and $1 billion in stolen crypto assets last year.
North Korean cyber attacks
A classified United Nations report has revealed that North Korean hackers stole more crypto assets in 2022 than in any other year. The UN report, seen by Reuters, was reportedly submitted to the 15-member North Korea sanctions committee last week.
North Korea-linked hackers were found to be responsible for more than $630 million to $1 billion in crypto assets stolen last year after targeting the networks of foreign aerospace and defense companies. The UN report also noted that cyberattacks are more sophisticated than in previous years, making it more difficult than ever to track down stolen funds.
Last week, a February 1 report from blockchain analytics firm Chainalysis came to a similar conclusion, associating North Korean hackers with at least $1.7 billion worth of stolen crypto in 2022, making this year the worst ever for crypto hacking. brought. The firm has named the cybercriminal syndicates ‘the most prolific cryptocurrency hackers in the past few years’.
