Nexera, a blockchain platform, is grappling with a major crypto hack. This security breach resulted in the theft of 34 million NXRA tokens. This incident was detected by Cyvers Alert, a blockchain security firm, which identified a suspicious transaction involving Nexera’s proxy contract. The breach occurred when an unknown address took ownership of Nexera’s proxy contract, upgraded it, and used the withdraw admin function to transfer the NXRA tokens.

Details Of The Latest Crypto Hack

The attackers quickly moved the stolen tokens, estimated to be worth around $1.5 million. The NXRA tokens were subsequently converted them into Ethereum (ETH). Moreover, some of the funds have already been bridged to the Binance Smart Chain (BNB Chain), complicating efforts to trace and recover the assets.

In an official announcement, Nexera acknowledged the exploit and assured stakeholders that they are diligently investigating the breach. The company highlighted the critical steps they have taken to mitigate the damage and prevent further losses.

The team promptly responded to the crypto hack by pausing the NXRA token contract. It also effectively halted trading on decentralized exchanges. They are also working with centralized exchanges to stop trading activities involving NXRA.

Nexera Price Chart, Source: CoinMarketCap

Moreover, Nexera has advised all token holders to cease trading activities immediately as investigations continue. However, after the crypto hack was reported, the Nexera price plummeted by a whopping 140% and hit an all-time low of $0.01815, according to CoinMarketCap data.

Also Read: Ronin Network Recovers $10M ETH, USDC Recovery Underway

Implications & Recovery Odds

This crypto hack highlights the ongoing vulnerabilities in the digital asset space, as Ronin Network and WazirX also faced a breach lately. For Nexera, this breach could have far-reaching implications, impacting investor confidence and the platform’s reputation.

The loss of $1.5 million worth of NXRA tokens is substantial and could affect the token’s market value and liquidity. The company’s ability to swiftly address the exploit and recover the stolen funds will be crucial in restoring trust among its users and investors. However, if the converted Ethereum is embezzled via Tornado Cash, a private crypto mixer, a recovery might be strenuous.

However, the Ronin Network incident witnessed a full recovery of $10 million worth of stolen Ethereum. Hence, the fund recovery odds for Nexera can be higher owing to the swift acting taken by the protocol.

Also Read: WazirX Discloses Important Update Amid Rising Customer Pressure

The post Nexera Faces Major Crypto Hack With 34M Tokens Stolen appeared first on CoinGape.

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Filed under: News - @ August 7, 2024 8:16 am