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Investigative Report: Recent Hacks Shake Crypto Community, Millions Lost Overnight

The crypto world has once again found itself grappling with security breaches and vulnerabilities. In the past 24 hours, several high-profile exploits have left investors and projects reeling, with losses amounting to millions of dollars. PeckShield and CertiK Skynet, leading blockchain security companies, have sounded the alarm, highlighting the gravity of the situation. In this investigative report, we delve deeper into the details of these recent hacks and analyze the extent of the damage.

EraLend: A Costly Exploit:
The EraLend platform, known for its decentralized lending protocols, was hit hard on July 25, 2023, when an exploit resulted in a staggering loss of approximately $3.4 million. The hack was not only financially damaging but also shed light on a glaring vulnerability in EraLend’s security infrastructure. The attack was carried out by an individual identified as the “EraLend Exploiter,” who siphoned off funds by manipulating the price calculation mechanism. The aftermath of this event continues to reverberate throughout the crypto world.

FixedFloat and OKX: A Trail of Stolen Funds:
The EraLend Exploiter wasted no time in laundering the stolen funds. Within days of the initial attack, they transferred 1 ETH to FixedFloat on the Arbitrum network and 46.9 ETH to OKX on the Optimism network. This spate of quick transactions exemplifies the urgency and precision with which these hackers operate.

PeckShield and ZunamiProtocol Sound the Alarm:
PeckShield, a renowned blockchain security firm, has issued an alert providing further insight into the EraLend exploit. Their investigation identified two key transactions involved in the hack:

– Transaction 1: (https://etherscan.io/tx/0x2aec4fdb2a09ad4269a410f2c770737626fb62c54e0fa8ac25e8582d4b690cca)
– Transaction 2: (https://etherscan.io/tx/0x0788ba222970c7c68a738b0e08fb197e669e61f9b226ceec4cab9b85abe8cceb)

According to PeckShield, the issue stemmed from price manipulation, which enabled the hackers to exploit incorrect price calculations. This revelation highlights the need for robust mechanisms to prevent such vulnerabilities in the future.

Meanwhile, ZunamiProtocol has also raised an alarm regarding another significant hack, resulting in losses exceeding $2.1 million. The attack involved the removal of 92 WETH (approximately $173,000) in liquidity on KUKUCoin. Although not directly related to the EraLend exploit, it adds to the mounting concerns surrounding crypto security.

The recent spate of high-profile hacks underscores the urgent need for improved security measures within the crypto space. Despite advancements in blockchain technology, hackers continue to exploit vulnerabilities and manipulate price calculations, resulting in significant financial losses for investors and projects alike.

Blockchain security companies like PeckShield and CertiK Skynet play a crucial role in identifying these vulnerabilities and raising awareness within the community. It is imperative for cryptocurrency platforms, projects, and investors to ensure the implementation of robust security protocols to safeguard against such attacks.

Only by learning from these incidents, collaborating within the community, and strengthening security infrastructure can we hope to mitigate the risks associated with cryptocurrencies and foster trust among investors.

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