DeFi
Users are advised to stop betting and withdraw their funds
Decentralized exchange and staking platform MonoSwap has advised users not to stake or deposit funds at this time due to a serious security issue disclosed on July 24, 2024.
The company posted a message on X about the breach, asking players to stop betting and adding money, as well as withdrawing everything they currently have to avoid any losses. The alert, which advised users not to click on a specific malicious link, was sent in response to a malicious hack that MonoSwap discovered in a social media post.
🚨 ALERT: MonoSwap has been hacked. Do NOT add liquidity or stakes to our farming pools at this time.
If you have staked positions, please remove them immediately to avoid any loss of funds.
Yesterday one of our developers installed a phishing app to join a call with scammers who…
— MonoSwap (@monoswapio) July 24, 2024
On July 23, 2024, a developer mistakenly installed a phishing program and was targeted by a call from scammers posing as venture capitalists, resulting in a security breach.
During the conversation, the fraudsters infected the developer’s machine with malware, which allowed them to access MonoSwap’s wallets and contracts. As a result, the majority of the liquidity staked on the platform was recovered by the hackers.
MonoSwap is currently investigating the breach and is in discussions with backers to resolve the issue and regain trust. The platform has acknowledged the severity of the incident and has committed to finding a solution.
Bobby Ong, COO and co-founder of CoinGecko, recently warned users about the rise in cryptocurrency breaches and urged them to exercise caution. According to him, the increase in attacks is due to Google selling its domain business to Squarespace, which removed two-factor authentication and left security holes.
Onchain detective ZackXBT informed the public that visitors to the Compound Finance website were being redirected to a phishing website. The issue has since been resolved.
Indian Cryptocurrency Exchange WazirX was fined $235 million. loss due to a cyberattack on July 18, 2024. The North Korea-based hacker organization Lazarus is believed to be linked to the attack.
The MonoSwap hack highlights the growing security risks in the cryptocurrency industry. Users are advised to remain vigilant and follow security best practices to protect their assets.
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