Crypto Exchange Loses $3.6M Due to Recent Hack

Hackers Utilized Cross-chain Bridge ‘RenBridge’ to Launder $540M
  • It is claimed that 2224 ETH were lost as a consequence of the breach.
  • The breakdown of key applications was blamed for the suspension of services.

The crypto sector experienced major shocks this week as a result of security breaches involving Nomad and Solana. In a recent instance of a similar compromise, it is alleged that a cryptocurrency exchange lost money. Although the security breach details and its consequences have not yet been determined, the uncertainties undoubtedly raise further worries. 

The most recent breach on the cryptocurrency exchange resulted in the compromise of assets valued at close to $3.6 million. The exchange has reportedly been compromised, and funds have been moved to the hackers’ wallet, according to the cryptocurrency-related Twitter account CertiK Alert. They claimed that 2224 ETH, or $3.60 million, were lost as a consequence of the breach.

Halting of Services Fuel Suspicion

Around $200 million in bridge protocol losses resulted from the Nomad assault. Millions of dollars were stolen by the hackers from the more than 41 identified addresses. Over 7,000 wallets are said to have been hacked on Solana on Wednesday. The hackers took cryptocurrency assets valued at least $8 million.

The company’s stoppage of transactions further fuels the suspicion. The exchange said on Tuesday that deposits and withdrawals from its platform had been halted. The breakdown of key applications was blamed for the suspension of services.

A blockchain security and data analytics startup, PeckShield, questioned the validity of the suspension of transactions. It questioned if ZB Exchange was indeed down for maintenance or whether its hot wallet had been compromised. With bears dominating the crypto market for a long time and major currencies trading around their lows, such attacks will further lower the morale of the crypto community.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.