The post Nexera DeFi project had its second hack in a year appeared on BitcoinEthereumNews.com.

Nexera, a DeFi project featuring a decentralized market, went through its second hack in the past year. The exploit affected the native token NXRA.  Nexera announced the second hack on its protocol in the past year, affecting a smart contract holding the native NXRA token. None of the funds ended up on exchanges, as Nexera immediately halted the token smart contract and froze the assets.  The recent hack affected a total of 47M tokens, where the exploiter managed to sell some of the funds. Later, 32.5M NXRA were frozen in the hacker’s wallet and destroyed. Initially, the exploit was noted by the Cyvers Alert on-chain researchers. They warned Nexera that an exploiter had altered its proxy contract and was moving and bridging tokens.  Nexera claimed its main smart contract is solid and the NXRA token will still use the same address. Later, the project team issued a warning for all holders to disable approvals of any Nexera smart contracts from their wallets. The warning to revoke access to Nexera contracts arrived more than 24 hours after the initial hack. Revoking access to the contract must be done manually, as soon as possible before incurring additional losses. According to Etherscan, 23,083 holders may be affected. Estimates of losses range between $440K and $1.5M. NXRA has limited trading volumes and mostly relies on DEX activity. The hack added to the pressure on the native token, crashing the price to $0.018 before recovering to $0.03. Since the exploit, NXRA trading has been stopped, awaiting further clarifications on active risks. The full report on the exploit may take a few days, while NXRA will remain frozen for a few days. The hacker managed to exploit a proxy smart contract with a token reserve, draining the available assets. The 47M NXRA are a small part…

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Filed under: News - @ August 8, 2024 3:18 pm