$50M HXA Tokens Transfer Detected, Linked to KyberSwap Exploiter: Cyvers Initiates Investigation
Summary:
Cyvers, a blockchain security firm, has detected a $50 million transfer of HXA tokens linked to the KyberSwap exploiter. The transaction, using the commonly used "transfer from" function, might have been due to a potential flaw in the Multicall function of the HXA token’s smart contract. This has led Cyvers to launch an investigation. Meanwhile, cryptocurrency exchange MEXC has temporarily paused HXA token transactions due to abnormal on-chain operation rather than security concerns. Furthermore, the official website of HXA coin is currently unreachable.
Blockchain security agency, Cyvers, has identified a transfer of $50 million involving HXA tokens, which are integral to the Herencia Artifex NFT venture and are connected to the KyberSwap perpetrator. This transaction was orchestrated via an Ethereum address utilizing the "transfer from function," a feature frequently used by decentralized application (DApp) users to move or disburse tokens from the reserves of one entity to an alternate third party. Misuse or faulty execution of such functions can however lead to security issues.
An alert from Cyvers spotlighted the strange transaction linked to the KyberSwap wrongdoer, noting a $50M influx of HXA tokens from a particular Ethereum address using the transfer from function.
According to Cyvers, a potential flaw in the Multicall function, used in the HXA token's smart contract and a feature of the Thirdweb libraries, might be the cause behind this security violation. To fully understand the extent and fallout of this breach, the firm has initiated an investigation and invited participation from interested entities.
The Cyvers team revealed that funds secured by the KyberSwap felon were disseminated among several externally owned accounts (EOAs), which are now notable as the leading HXA token possessors. Cryptocurrency platform MEXC has put a temporary halt to HXA token transactions, in response to unusual HXA on-chain activities rather than direct security fears stemming from the breach.
Adding further suspense to the situation, the HXA coin's official website, hxacoin.io, is presently offline, denying investors and stakeholders access to official updates. The circumstances leading to this remain unknown. Previously, a drain of about $46 million in crypto assets from the decentralized KyberSwap exchange was reported as the handiwork of cyber thieves.
Published At
12/10/2023 11:59:36 AM
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