On November 16th, DEXX, a popular platform for trading memecoins, fell victim to a security breach.
The hack has now been linked to over 8,600 Solana wallets, with losses reaching nearly $30 million.
What Happened?
The hack occurred when a security flaw in the DEXX system allowed a hacker to steal funds from users. Crypto security experts at SlowMist were quick to jump into action, identifying more than 8,620 Solana wallet addresses tied to the breach. At the time of the attack, it was estimated that $21 million had been lost. However, as the investigation continued, the total amount of lost funds climbed to an estimated $30 million.
According to SlowMist, the hacker gained access to users’ wallets through a private key leak. A private key is a crucial piece of information that helps control access to someone’s cryptocurrency. Without it, hackers can easily steal coins from a wallet. While most victims lost less than $10,000, one unlucky individual lost over $1 million.
After several days of careful data collection and analysis by our team, we are now making the list of hacker addresses public. https://t.co/adMTiBkeyS https://t.co/D0pVQzcbNQ pic.twitter.com/p7jlKawuZM
— MistTrack
(@MistTrack_io) November 28, 2024
Why Does This Matter?
This breach is one of the largest hacks of November 2024, second only to the $25.5 million Thala hack. However, Thala was able to recover all of its lost funds, unlike DEXX, where recovery efforts are still underway. As of November 29, the total loss from the DEXX hack has continued to grow, as meme tokens like Shiba Inu and Dogecoin fluctuate in value. These price changes are affecting how much users have lost in total.
是的，我们大早上看监控，差不多凌晨 3 点开始，DEXX 攻击者有关的 Solana 地址上的各种 token 被大批量地兑换成了 SOL，目前这些 SOL 还没继续转出。@MistTrack_io @SlowMist_Team https://t.co/2vUZEqUYMK
— Cos(余弦)
(@evilcos) November 26, 2024
For many victims, this hack is a harsh reminder of the risks involved in the world of cryptocurrency. As the saying goes, “Don’t count your chickens before they hatch.” In crypto, things can go wrong quickly, and losing access to your wallet can happen in the blink of an eye.
Looking Ahead
The DEXX hack highlights the importance of keeping your digital assets safe. It’s like locking your front door to protect your house—if you don’t, anyone can walk in and take what’s yours. For now, security experts are working hard to help victims recover their funds, but it’s still unclear how much of the stolen crypto will be returned.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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