The post Nexera Burns 32.5M NXRA Tokens to Enhance Security appeared on BitcoinEthereumNews.com.

Coinspeaker Nexera Burns 32.5M NXRA Tokens to Enhance Security After facing a major security breach, decentralized finance (DeFi) protocol Nexera has announced the burning of 32.5 million NXRA tokens. This action is part of the protocol’s broader strategy to mitigate the damage from a hack that occurred on August 7. The decision of NXRA burning will permanently remove the stolen tokens from circulation, restoring trust and stability within the Nexera ecosystem. The Nexera Hack On August 7, a hacker managed to exploit a vulnerability on Nexera, resulting in the theft of approximately $1.5 million worth of crypto, including 47 million NXRA tokens valued at around $1.76 million at the time. The stolen tokens were quickly sold off for Ether and partially transferred to the BNB Chain. The Nexera team has taken several steps to address the attack. It froze the 32.5 million NXRA tokens that remained in the attacker’s wallet. Recognizing the potential long-term impact of these stolen tokens on the market, the decision was made to burn them. By doing so, Nexera aims to prevent these tokens from being used, traded, or circulated, thereby protecting the integrity of the NXRA token’s value. On the other hand, a technical investigation revealed that its smart contracts were not compromised. This finding provided some relief to the community, as it indicated that the core infrastructure of the platform remained secure. Market Reaction and Recovery The immediate aftermath of the hack saw the price of NXRA plummet by over 53%, dropping from $0.62 to $0.29 in a matter of hours. However, following the token burn and the subsequent announcements, the market began to show signs of recovery. As of the latest data, NXRA is trading at around $0.04105, marking a 40% increase over the past 24 hours. The token’s market capitalization is also…

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Filed under: News - @ August 8, 2024 9:10 pm