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Poloniex investor Justin Sun has confirmed the attack, saying the exchange “will fully reimburse the affected funds.” Crypto exchange Poloniex appears to be the latest trading platform to suffer a hack, resulting in a loss of more than $33 million worth of crypto. According to analysts at PeckShield, the hackers drained millions of dollars from one of the exchange’s hot wallet . Research analyst at 21co Tom Wan said in an X post that currently estimated loss is at $34 million. A @DuneAnalytics query ready for you to track how much the Potential hacker got from Poloniex Currently estimated loss at ~$34M, including: – $10M ETH – $2.56M GLM – $2.4M LINK and more https://t.co/judOiLzv4q pic.twitter.com/gcB4eofdwB — Tom Wan (@tomwanhh) November 10, 2023 Poloniex investor Justin Sun has confirmed the incident, but did not elaborate on the matter. He reassured customers that the exchange “maintains a healthy financial position and will ful...

A flash loan attack on the BNB Chain has resulted in the largest single arbitrage profit in its history, according to security experts. The attacker exploited a price manipulation vulnerability on the BH token (BH) and made off with $1.27 million in USDT. As reported by Chinese journalist Colin Wu on Oct. 11, the attacker used a bot to borrow a large amount of USDT from a lending platform and then manipulated the price of BH on PancakeSwap, a decentralized exchange on the BNB Chain.  According to EigenPhi, on October 11, MEV Bot: 0x21…480C on BNB Chain made a profit of US$1.575 million through a flash loan attack on the Pancakeswap BH/USDT trading pair for only $4.16, becoming the largest single arbitrage profit in the history of BNB Chain. According to… — Wu Blockchain (@WuBlockchain) October 12, 2023 The bot then swapped USDT for BH at a low price and removed liquidity from the BH/USDT pair at a high price, earning a massive profit in the process. The bot spent onl...

Blackmail and ransomware are the most common crypto scams, a new research shows. Explore how to protect your funds. Cryptocurrencies have promised innovation but have also seen their fair share of wrongdoing, especially in the form of scams that have left investors counting their losses. According to Chainanalysis, while the first half of 2023 saw a reduction in crypto scam revenue by nearly $3.3 billion compared to 2022, totaling just over $1.0 billion, ransomware remained a persistent issue. Ransomware attackers managed to extort approximately $175.8 million more during this period than in the previous year. Meanwhile, in the third quarter of 2023 alone, the number of crypto hacks and scams skyrocketed by nearly 60% compared to the same period in 2022, with nearly $686 million lost to fraudulent activities. A notable incident within this period was the Mixin hack on Sep. 25, where attackers made away with roughly $200 million. Let’s delve deeper and explore various types of scam...

DeFi protocol Arcadia Finance has alerted users that it lost $455,000 in a hack, which blockchain security firm PeckShield says was made possible due to vulnerabilities in Arcadia’s code. Non-custodial, permissionless protocol Arcadia Finance launched on Ethereum and Optimism in March. It allows users to trade spot with leverage and boost staked ether. PeckShield flagged the exploit on Twitter early Monday morning. “Our analysis shows that the [Arcadia Finance] hack is due to the lack of untrusted input validation,” the blockchain security firm posted, “which is exploited to drain funds from both darcWETH and darcUSDC vaults.” PeckShield says that the exploiter on Optimism transferred 180 ether ($305,000) and washed most of it through Tornado Cash. The exploiter on Ethereum took roughly $100,000, which remains in the wallet at press time. Arcadia Finance’s total value locked (TVL) has sharply dropped by 77% since the protocol hack, from $605,000 to $140,000 at press time. Acc...