Hack

📅 October 5 | Singapore
The DeFi world is once again shaken by a devastating blow. Abracadabra Money, the protocol behind the MIM stablecoin, confirmed the loss of $1.8 million after suffering a new attack, the third major one since 2024. This episode rekindles doubts about the security of decentralized protocols and once again places Abracadabra in the eye of the storm, just as it was trying to regain the trust of its community after previous incidents.

📖 According to The Block, the attack occurred by exploiting a vulnerability in one of the protocol's contracts, allowing attackers to drain funds in a matter of minutes. While the figure may seem small compared to multi-million-dollar hacks of other DeFi projects, what worries the community is Abracadabra's repeated history of failures. Since 2024, the protocol has already recorded three significant hacks, calling into question its auditing and response mechanisms.
The incident comes at a critical time for DeFi: with billions locked in different platforms, security should be a top priority. In the case of Abracadabra, the attack affects not only the users who deposited in the protocol, but also the credibility of its stablecoin MIM, which has already faced distrust in the past after temporarily losing its peg to the dollar.
The aggregate data reinforces the severity of the problem: so far in 2025, DeFi hacks have already exceeded $1.5 billion in global losses, cementing the sector as a favorite target for attackers. This latest episode only adds fuel to the calls for stricter regulation or mandatory independent audits for projects that hold large volumes of money.

Topic Opinion:
A symptom of the security gaps that continue to plague DeFi. Technological innovation cannot advance without a solid foundation of trust, and three repeated hacks in less than two years is an alarming sign of negligence or a lack of oversight. I think users need to be more critical before depositing their money into protocols with such vulnerable track records.
💬 Does DeFi need more decentralization and community audits, or will external regulation be inevitable after so many hacks?

Leave your comment...
#Stablecoins #defi #Hack #CryptoNews #decentralization $BTC

Gala Games CEO Eric Schiermeyer has confirmed that a "security incident" led to the unauthorized sale of 600 million GALA tokens, worth approximately $23 million. The breach, which Schiermeyer attributed to "messed up" internal controls, has raised significant concerns within the blockchain gaming community.
Incident Overview
On May 20, at 7:32 pm UTC, blockchain observers reported the minting of 5 billion GALA tokens, valued at around $200 million at the time. The compromised wallet was selling the tokens in batches, leading to a sharp drop in GALA's price. The token hit a 24-hour low of $0.038, a 20% decrease from its daily high, before recovering slightly to $0.041, according to CoinGecko.
“We had an incident that resulted in the unauthorized sale of 600 million GALA tokens and the effective burn of 4.4 billion tokens,” Schiermeyer wrote in a May 20 post on X (formerly Twitter). He admitted, “We messed up our internal controls. This shouldn’t have happened, and we are taking steps to ensure it doesn’t happen again.”
Response and Mitigation
Gala Games quickly identified the compromise and revoked unauthorized access to the GALA contract. Schiermeyer assured users that the Ethereum contract was secure and had not been compromised. The company believes it has identified the person responsible and is collaborating with the FBI, the U.S. Justice Department, and international authorities to address the incident.
In a follow-up post on X, Gala Games announced that the security breach had been contained and the affected wallet frozen. However, details about the perpetrator and the method of access to the GALA contract remain undisclosed.
Ongoing Legal Disputes
This security incident occurs amid ongoing legal battles between Schiermeyer and Gala Games co-founder Wright Thurston. Both have filed lawsuits against each other, with Thurston accusing Schiermeyer of squandering millions in company assets, while Schiermeyer alleges that Thurston stole $130 million worth of GALA tokens.
Gala Games did not respond to requests for additional comments.
The incident underscores the critical need for robust internal controls and security measures in the cryptocurrency and blockchain industries, as companies continue to navigate complex technological and legal landscapes.
$GALA #GALA #GalaGames #hack

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

One crypto user got hit twice in a single night, losing $2.6 million in $USDT. The tool? A sneaky zero-value transfer scam.
#Bitcoin2025 #Hack
🧠 Here’s how it works:
🔹 Attackers send $0 transfers to fake but similar addresses

🔹 These show up in your wallet history

🔹 Victims mistake them for trusted contacts

🔹 They later send real funds — straight to the scammer

🔹 No private key needed for the scam to appear onchain
The victim first lost $843K, then sent another $1.75M just hours later. This is not a new tactic — one scammer pulled off $20M using this trick last year.
It’s an advanced form of address poisoning — and it works. Always double-check full wallet addresses. Don’t rely on history or “familiar” characters.
This scam is getting smarter. Are you?

In 2023, financial assets were removed from a cryptocurrency "whale" due to a phishing attack, where the victim authorized transactions allowing the attacker to access their financial resources.
The joint account involved in the September 2023 phishing incident transferred $10 million worth of Ether to the cryptocurrency mixing service Tornado Cash.

On March 21, blockchain security firm CertiK identified an account involved in the hack for $24 million, which sent 3,700 ETH to Tornado Cash. These funds were taken from the cryptocurrency whale during the phishing incident on September 6, 2023.
At that time, an investor lost $24 million in staked ETH through the Rocket Pool liquidity staking service. The attack occurred in two phases: the first removed 9,579 stETH, while the second took away 4,851 rETH from the crypto whale.
The Scam Sniffer project, dedicated to fraud detection, stated that the victim authorized an "Increase Allowance" transaction, enabling the hacker to approve tokens for their own use. Using smart contracts, this functionality allows third parties to spend ERC-20 tokens owned by others with their consent.
The topic of token approvals sparked much discussion in the crypto community, with some warning of the risks associated with potentially deploying malicious smart contracts for fraudulent purposes.
Blockchain security firm PeckShield recorded that the attacker converted assets into 13,785 ETH and 1.64 million Dai. Some of these DAI were transferred to the FixedFload exchange, while the rest of the stolen funds were moved to other wallets.
Phishing attacks remain a significant problem for the crypto sector. A report from the Scam Sniffer project showed that nearly $47 million was lost in February due to phishing-related scams. 
The report emphasized that 78% of these thefts occurred on the Ethereum network, with ERC-20 tokens accounting for 86% of all stolen funds. 
Recent losses caused by token approvals have also raised concerns among cryptocurrency users. On March 20, an old contract previously used by the Dolomite exchange was exploited to drain $1.8 million from users.
The exploitation affected users who had given consent to the contract. As a result, Dolomite developers urged users to revoke all consents granted to the old contract address.
Although some attempts to defraud cryptocurrencies result in the loss of millions, there are cases where fraudulent efforts are quickly detected and thwarted. For example, on March 20, the Layerswap team managed to prevent further damages after their website was compromised by an attack, thanks to the quick response from the domain provider.
However, hackers were still able to siphon off assets worth $100,000 from approximately 50 users. Layerswap announced that they would refund the lost funds to affected users and offer additional compensation for the inconvenience caused.
These incidents highlight the persistent risk of phishing attacks and the need for constant vigilance in the crypto world. The abuse of token approval functions and smart contracts underscores the need for further education and caution among cryptocurrency users to prevent unnecessary losses.
With the increasing number of sophisticated attacks, it is important for cryptocurrency users to be vigilant and thoroughly verify all transactions and contract approvals. The community and security firms must collaborate to develop better tools and procedures to protect against phishing attacks and other fraudulent activities, ensuring a safer environment for all cryptocurrency users.
#crypto #scam #hack  

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

⚡LEVEL ( LVL ) Finance Hacked...$1 Million

LEVEL Finance is a Decentralized and Non- Custodial perpetual market on Binance Smart Chain ( BSC )

An exploit targeted the Referral Controller Contract

💥 214k LVL tokens drained to exploiters address

💥 Attacker swapped LVL to 3,345 BNB

💥 Exploit was isolated from other contracts

💥 Fix to be deployed in 12 Hrs.

💥 LP's and DAO treasury Unaffected

#Binance #DeFi #BSC #hack #LVL

🌐 The Crypto Market in Shock!
In 2024, total Web3 losses exceeded $2.9 billion. From DeFi to metaverses, no sector was spared. 🚨 The main vulnerability? Access control issues, responsible for 78% of all attacks.

💎 DeFi: Fewer losses, but major hacks persist
Losses decreased by 40%, but still reached $474 million. The biggest incident was the hack of Radiant Capital, costing $55 million.

🏦 CeFi in Trouble: Losses Double!
CeFi losses skyrocketed to $694 million. Notable attacks include a key leak at DMM Exchange ($305 million) and a multisignature vulnerability at WazirX ($230 million).

🎮 Games and Metaverses Lose Hundreds of Millions
The gaming sector reported $389 million in losses, accounting for 18% of all attacks. 🎲

🚩 Rug Pulls Shift to Solana
Scammers moved from BNB Chain to Solana, driven by the growing popularity of meme coins. 📈

🎯 Presales Turn into Traps: $122.5 Million Stolen in One Month!
In April 2024, scammers executed 27 fraud schemes using presales. 💰 They also exploited the names of celebrities and influencers to deceive investors.

👨‍💻 Phishing and North Korean Hackers
Phishing attacks led to $600 million in stolen funds, while North Korean hackers siphoned off $1.34 billion.

⚠️ Stay Alert!
Crypto scams are becoming increasingly sophisticated. 🛡️ Behind every meme coin, a trap could be waiting!
#Hack #scamriskwarning #solana