Whereas blockchain know-how is hailed as revolutionary, it isn’t resistant to assaults, with the trade experiencing 15 incidents of hacks and exploits in February 2023, leading to a complete lack of $142 million, in response to the REKT database.
What Occurred: Among the many affected platforms, the BNB Chain BNB/USD suffered essentially the most, accounting for 50% of the incidents, dAapp and NFT information DappRadar mentioned in a report.
Ethereum ETH/USD, Optimism OP/USD and Avalanche AVAX/USD adopted with 16.7% and Polygon MATIC/USD accounted for 8% of the incidents.
Notably, 33% of the assaults occurred on decentralized exchanges (DEXs).
Essentially the most vital incident was the BonqDAO and AllianceBlock ALBT/USD hack, the place attackers exploited a vulnerability within the BonqDAO sensible contract, manipulating its value oracle to extend the WALBT value.
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The exploit allowed the attacker to mint over 100 million BEUR, which they then used to control the WALBT value and liquidate a number of troves.
The attacker withdrew their positive aspects, amounting to 113.8 million WALBT and 98 million BEUR, value over $10 million.
The dumping of those tokens had a extreme influence on their worth, with WALBT dropping by greater than 50% and BEUR dropping by 34%.
Why It Issues: In the meantime, the blockchain trade skilled a slight slowdown in February 2023, with a mean of 1.6 million day by day Distinctive Energetic Wallets (dUAW) interacting with dapps contracts, a ten.54% lower from January 2023.
Nevertheless, Ethereum, Arbitrum, and Klaytn KLAY/USD had been the highest gainers in February, with Ethereum seeing a rise of 23.25%, reaching a mean of 147,924 dUAW.
On the similar time, some blockchains didn’t carry out properly, with Optimism experiencing a lower of 67.52%, reaching a mean of 15,602 dUAW.
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