Investigating Recent Crypto Hacking Incidents: Measuring the Impact

In the ever-evolving world of cryptocurrencies, there is an undeniable presence of malicious actors seeking to exploit vulnerabilities and commit fraudulent activities. In the last 24 hours, several incidents have come to light, exposing the vulnerabilities and risks associated with this emerging digital landscape. In this article, we delve deeper into three notable hacking incidents that have caught the attention of cybersecurity experts and the crypto community.

1. The MEV Boost:

A validator recently received a reward of 74.01 ETH (approximately $120,500) through the beaverbuild relay at block #18045576. This transaction attracted attention due to its association with a “MEV bot” that offered a bribe of 75.19 ETH to execute a backrun operation during a large WETH-USDT swap via—an automated market maker (AMM) protocol for stablecoins.

The presence of MEV (Miner Extractable Value) bots highlights the problem of front-running in the cryptocurrency space. These bots manipulate transactions or execute them before they are processed in order to gain a competitive advantage and potentially profit from high-value swaps.

2. The Corede Finance Exit Scam:

CertiK Skynet, a blockchain security network, has detected alarming activity related to the Ethereum address 0x6fe397b88675beb98797e14eeaf84021e5c054c9 associated with Corede Finance. This address has plummeted by 100%, indicating the occurrence of an exit scam.

An exit scam occurs when a project or company disappears after accumulating significant funds from investors, leaving them with no return on their investments. In this case, the address mentioned above, also known as an EOA (Externally Owned Account), profited 27 ETH (approximately $43,900) from this malicious action.

3. The Fake Beefy Finance X Airdrop:

CertiK Skynet has issued an alert warning users about a fake Beefy Finance X account promoting a fraudulent airdrop. Users are advised not to interact with the website “hxxps://” as it is connected to a known wallet-draining mechanism.

Airdrops are often used as marketing tools within the crypto community, providing users with free tokens or rewards for engagement. However, scammers have started taking advantage of these events by creating fake accounts and websites to trick unsuspecting users into revealing their private information or sending funds to fraudulent addresses.

The incidences discussed above offer a glimpse into the challenges and risks associated with the crypto world. The presence of MEV bots highlights the need for improved security measures to prevent front-running in cryptocurrency transactions. The Corede Finance exit scam serves as a reminder that due diligence and research are essential when investing in projects, especially in a largely unregulated market. Finally, the fake Beefy Finance X airdrop incident reinforces the importance of being cautious and verifying the authenticity of promotional campaigns before participating.

As the cryptocurrency ecosystem continues to develop, it becomes increasingly crucial for users, developers, and regulators to work together in ensuring the security and integrity of the entire system. By remaining vigilant, conducting thorough research, and staying informed, we can navigate this evolving landscape with reduced risks and better protect our investments.

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