A surprising turn of events has occurred in the Tornado Cash ecosystem, as the attacker responsible for hijacking the project’s governance has put forth a proposal to reverse their actions. While some members remain skeptical about trusting the attacker, they find themselves with limited options.

The Malicious Proposal and Community Response

On May 21, the attacker successfully passed a malicious proposal, granting them complete control over Tornado Cash’s governance. With this newfound power, the attacker had the ability to cause substantial losses by withdrawing locked votes, draining tokens from the governance contract, and disrupting the system.

Reacting swiftly, community member Mr. Tornadosaurus Hex took proactive measures to mitigate potential damages. They published a subsequent proposal, urging all members to withdraw their funds locked in the governance contract. However, the effectiveness of this proposal remained uncertain due to the attacker’s firm grip on governance.

The Surprising Twist: Attacker’s Proposal to Return Governance Control

Amid the unfolding situation, to everyone’s astonishment, the attacker reached out to the Tornado Cash community with a new proposal. This proposal hinted at their willingness to relinquish control over governance. Mr. Tornadosaurus Hex shared this development with the community, expressing a belief that the attacker might execute the proposal.

While the community finds itself compelled to comply with the attacker’s chosen method of returning governance control, doubts remain. Nevertheless, Hex conducted due diligence to verify the storage layouts, providing some reassurance.

Community Speculation and Caution

While many community members embrace optimism regarding the attacker’s change of heart, there are those who suspect ulterior motives. Some speculate that this move could be an attempt to artificially inflate the price of the TORN token before the attacker cashes out.

Despite the recent decline in overall hacks within the crypto ecosystem during the first quarter of 2023, caution remains essential. Past experience has shown that complacency can lead to a surge in crypto hacks after a period of relative calm.

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North Korea Strikes Again!

North Korea has been linked to several high-profile cyberattacks in recent years, including the infamous WannaCry ransomware attack that caused chaos in 2017. The country is believed to have a formidable army of cybercriminals that operate from within its borders, with the aim of generating funds for the regime. These cyber criminals are highly trained and well-organized, making it difficult for law enforcement agencies to track them down.

$200 Million Hacked by North Korea

The latest attack involving Euler and Axie Infinity has resulted in losses of around $200 million, making it one of the biggest hacks of the year. Euler, a decentralized finance platform, was exploited through a vulnerability in its smart contract, while Axie Infinity was hit with a DNS attack that allowed the hackers to gain access to user wallets. The attack highlights the growing sophistication of cybercriminals from North Korea, who are constantly evolving their tactics to stay ahead of law enforcement agencies.

Euler Exploit and Axie Infinity Hack

The Euler exploit and Axie Infinity hack were carried out by cybercriminals from North Korea, who have been linked to several similar attacks in the past. The Euler exploit involved a vulnerability in the platform’s smart contract, which allowed the hackers to drain funds from several accounts. The Axie Infinity hack, on the other hand, involved a DNS attack that allowed the hackers to gain access to user wallets.

Cybercriminals from North Korea

North Korea is known to have a highly trained army of cybercriminals who operate from within its borders. These cybercriminals are believed to be responsible for several high-profile attacks in recent years, including the WannaCry ransomware attack. The regime is known to use the funds generated from these attacks to finance its nuclear weapons program, making the situation even more concerning.

North Korea’s Latest Cyberattack

The Euler exploit and Axie Infinity hack are the latest in a long line of cyberattacks carried out by North Korean cybercriminals. These attacks are becoming increasingly sophisticated, making it difficult for law enforcement agencies to keep up. The international community needs to work together to put an end to these attacks, which are causing significant harm to individuals and businesses around the world.

How North Korea Stole $200 Million

The Euler exploit and Axie Infinity hack allowed North Korean cybercriminals to steal around $200 million from unsuspecting victims. The exploit involved a vulnerability in the platform’s smart contract, while the hack involved a DNS attack that allowed the hackers to gain access to user wallets. These attacks highlight the growing threat posed by cybercriminals from North Korea, who are becoming increasingly adept at stealing funds and evading justice.

The latest cyberattack involving Euler and Axie Infinity highlights the growing threat posed by North Korean cybercriminals. These attacks are becoming increasingly sophisticated, making it more difficult for law enforcement agencies to track down the perpetrators. It is crucial that the international community works together to put an end to these attacks, which are causing significant harm to individuals and businesses around the world. Only through cooperation and collaboration can we hope to defeat this growing threat.

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The DeFi Protocol was hacked in February for the first time. The hackers took off with $37.5M in a flash loan attack. As a result, Cream Finance’s price was reduced by 30% in only an hour. However, the recent hack is much worse! This time, the hackers made off with more than $130 million, almost 100% more than the first attack.

In August, the DeFi Protocol was hacked for the second time. It was involved in a multi-million dollar exploit that ended up a scam. The hacking party took away more than 418 million in AMP and almost 1300 ETH. AMP is the native token of Flexa Network. Overall, this loss was too great to be recovered from, but they got hacked once again. In only a matter of three months, Cream Finance had to lose millions of dollars to the attackers.

At the time of writing, Cream Finance has dropped by 23% after the attack. Currently, it is trading at $117.10, as mentioned by CoinGecko.

Although this DeFi protocol is repeatedly being hit, it remains the only platform to suffer such loss. There hasn’t been any other platform that had to face such attacks.

The post Cream Finance, A DeFi Protocol Suffers Third Hack- Loses Over $130M appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Joseph Delong who is the Chief Technology Officer at SushiSwap has confirmed that a hacker allegedly breached the security protocol of the supply chain of their token launchpad platform MISO. He said that “an anonymous contractor with the GH handle AristoK3 injected malicious code into the Miso front end.” 

He explained that the hacker then replaced the auction wallet address with his own and stole 865 Ether (ETH) tokens. The value of these tokens is worth over $3 million.  Responding to the security breach, Delong has also said that they will “file an IC3 complaint with the FBI.” However, they are still expecting the hacker to return the funds, but if not they will make the complaint. 

Taking to twitterSushiSwap’s CTO Delong said that it had been the hardest day of his life. He also said: “We have asked @FTX_Official and @Binance to turn over the attackers KYC information, but they have resisted on this time-sensitive matter. The attacker(s) has done work with @Yearn and has approached many other projects. I urge you to check your own front ends for exploits.”

The hacks and breaches in the world of Decentralized Finance are not uncommon. Earlier, a cryptocurrency exchange Bilaxy also lost significant number of token to hackers.

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