A security breach has hit the decentralized finance (DeFi) sector once again.
Nexera, a DeFi solution that bridges traditional and decentralized finance, has lost $1.5 million in Nexera (NXRA) tokens due to a smart contract vulnerability.
Cyvers, a cybersecurity platform, reported the breach on August 7, explaining that an address took control of Nexera’s proxy contract and upgraded it. Shortly after, the address used the “withdraw admin” function to transfer NXRA tokens.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
Further analysis by Cyvers revealed that the hacker began converting the NXRA tokens to Ether (ETH) and that some of the funds had already been bridged to the BNB Chain.
Crypto investigator ZachXBT said in an August 7 Telegram post that this exploit is part of a series of attacks linked to the same entity:
Attacker is connected on-chain to recent private key compromise incidents such as SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, Reach, and many more.
This incident comes just a day after the Ronin Network suffered an exploit, resulting in the loss of around $10 million worth of ETH. However, the attacker returned the stolen funds within a few hours.
The Nexera breach adds to the growing list of security incidents within DeFi, emphasizing the need for robust security measures to protect digital assets.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
