On July 24, 2024, MonoSwap, a decentralized exchange and staking platform, disclosed a severe security breach, urging users not to deposit any new funds or open new positions due to the platform's uncertain future.
On July 24, 2024, MonoSwap, a decentralized exchange and staking platform, disclosed a severe security breach, urging users not to deposit any new funds or open new positions due to the platform’s uncertain future. The platform advised users to withdraw their existing funds to prevent potential losses and warned against interacting with a malicious link identified in a social media post.
The breach occurred on July 23, 2024, when one of MonoSwap’s developers inadvertently installed a malicious phishing application and engaged in a call with scammers posing as venture capitalists. During this call, the attackers installed harmful software on the developer’s computer, which had access to all of MonoSwap’s wallets and contracts. This allowed the hackers to siphon off a significant portion of the platform’s staked liquidity. MonoSwap is currently investigating the incident and working with venture capitalists to address the breach and plan for the platform’s future.
Related: XT.com Crypto Exchange Freezes Withdrawals Following $1.7 Million Hack
Rising Trend of Crypto Hacks
On July 11, 2024, Bobby Ong, co-founder and COO of CoinGecko, alerted the crypto community about an uptick in crypto hacks, advising caution in crypto interactions over the following days.
Related: Hamster Kombat Users Targeted by Phishing Attacks and Fake Airdrops
Ong attributed the spike in attacks to Google’s sale of its domain business to Squarespace, which led to the removal of two-factor security authentication during domain migrations, creating a vulnerability that hackers are now exploiting.
Notable Recent Hacks
Related: South Korea Launches Foundation to Safeguard Crypto Users' Funds from Defunct Exchanges
Several significant hacks have occurred since Ong’s warning. Onchain investigator ZackXBT highlighted an issue with Compound Finance’s website, which was redirecting users to a phishing page. The Compound Finance team has since resolved this issue.
Additionally, on July 18, 2024, WazirX, a prominent Indian cryptocurrency exchange, was hacked, resulting in a loss of $235 million. The attack is believed to be linked to the North Korean Lazarus hacking group.
