Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
Key Takeaways
Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
The memecoin trading platform DEXX has fallen victim to a major security breach, with 8,612 Solana
The breach occurred on November 16, compromising more than 900 users due to a private key leak. While the majority of those affected lost under $10,000, one user suffered a loss of over $1 million.
Initially, the total financial damage was estimated at $21 million, ranking it as November's second-largest hack after the $25.5 million Thala breach, which successfully recovered all stolen assets. However, the total losses could now be as high as $30 million.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
What is a Crypto Mining Rig? Is it Worth it? (EASILY Explained)
DEXX has been actively monitoring the attacker’s accounts and attempting to freeze the illicit funds. The platform issued statements on social media, offering a token reward and bug bounty for the return of the assets within a 24-hour.
However, the hacker hasn't been idle either, converting the stolen assets into Solana.
In response to the attack, DEXX has pursued a legal action and teamed up with a crypto security firm and police. They also promised to reimburse the victims.
DEXX posted on X, stating:
DEXX has officially filed a case, and SlowMist has been actively assisting law enforcement in the subsequent investigation. At the same time, DEXX is actively discussing a compensation plan.
Cybercrime continues to plague the crypto sector, with every incident revealing new vulnerabilities. Recently, XT.com faced a $1.7 million hack, leaving users questioning their safety. What steps is XT.com taking to reassure its users? Read the full story.
To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology.
Carefully selected industry experts contribute their real-life experience & expertise to BitDegree's content. Our extensive Web3 Expert Network is compiled of professionals from leading companies, research organizations and academia.