The post Nexera Halts NXRA Trading amid $1.5M Exploit Investigation appeared on BitcoinEthereumNews.com.

Coinspeaker Nexera Halts NXRA Trading amid $1.5M Exploit Investigation Nexera is grappling with a major security breach that has resulted in the theft of approximately $1.5 million worth of NXRA tokens. The incident, identified by blockchain security platform Cyvers Alerts, involves the exploitation of Nexera’s proxy contract. Details of The Exploit According to Cyvers Alerts, the breach occurred when an unauthorized address took control of Nexera’s proxy contract, which manages the NXRA token operations. This address then performed an upgrade on the contract, giving it enhanced administrative powers. Using these new privileges, the attacker accessed the withdraw admin function to move all NXRA tokens from the contract. 🚨ALERT🚨Hey @Nexera_Official,Our system has detected a suspicious transaction involving your proxy contract.An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens. The… pic.twitter.com/Of4bAD7UiP — 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 7, 2024 The stolen tokens were quickly converted into Ethereum (ETH). Additionally, a portion of the ETH was transferred to the Binance Smart Chain (BNB Chain), which complicates the tracking and recovery of the funds due to the involvement of multiple blockchain networks.  The ability to recover the stolen funds, which may be concealed using privacy mixers like Tornado Cash, will be a critical factor in mitigating the damage and restoring community trust. Nexera’s Response Nexera promptly paused the NXRA token contract to prevent further transactions. Trading of NXRA tokens on decentralized exchanges (DEXs) has been halted and operations on Nexera Bridge paused to prevent additional transactions. Additionally, KuCoin and MEXC have suspended deposits, withdrawals, and trading, and more exchanges have been notified to do the same. The company is working with web3 security firm Hypernative Labs to trace the source of the exploit, in addition to…

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Filed under: News - @ August 7, 2024 4:12 pm