Nexera Blockchain Protocol Exploited for $1.8M, NXRA Depreciated by 40%
Date: 2024-08-08 Author: Gabriel Deangelo Categories: BLOCKCHAIN
The Nexera blockchain protocol, formerly known as AllianceBlock, has been the victim of a cyberattack that resulted in the theft of $1.8 million worth of cryptocurrency. According to cryptocurrency security firm Cyvers, the attacker stole 32.5 million NXRA tokens and $555,000 in USDT stablecoins.
Smart Contract and Trading Suspended
After the exploit was discovered, Nexera decided to suspend the smart contract and stop trading NXRA tokens on decentralized exchanges. The company also contacted centralized exchanges to request that they stop trading on their platforms. Kucoin and MEXC have already suspended deposits and withdrawals.
Token Price Drop
According to CoinMarketCap, the NXRA token price has dropped by 40%, currently trading at $0.036. The attacker, who is linked to a number of recent private key compromise incidents, continues to hold 32.5 million NXRA tokens worth $1.23 million.
Links to Previous Hacks
Blockchain investigator ZachXBT reported on Telegram that this attacker is linked to several other incidents, including the SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, and Reach hacks. These cases also involved the compromise of private keys.
Community Reaction and Next Steps
Nexera stated in an announcement on the X platform that they have already identified the exploit and are actively cooperating with law enforcement. The company is in the process of discussing further security measures to prevent similar incidents from happening again.
Cryptocurrency Hack Statistics
According to a report by Crystal Intelligence, since 2011, the total amount of losses from cryptocurrency hacks has amounted to $19 billion. In February 2024, according to a report by Immunefi, losses from hacks and exploits exceeded $67 million.
Expert Opinion
Ari Redbord of TRM Labs and several other experts note that hacks related to North Korea pose an even bigger problem for the crypto community. Experts believe that security measures need to be strengthened and more effective methods of protection need to be developed to prevent similar attacks in the future.
Conclusion
The attack on Nexera highlights the importance of security in the blockchain and cryptocurrency space. The company is actively working to mitigate the consequences and improve its security measures to avoid similar incidents in the future. The crypto community must remain vigilant and continue to develop new ways to protect against hackers and exploits.
