Ethena Labs Exploit Results in Loss of $290,000 from Binance Pool Amid Rising Crypto Hacks
Summary:
Ethena Labs suffered a security breach leading to the loss of 480 BNB tokens, valued at approximately $290,000, from the Binance launch pool. The breach's nature remains unknown. This loss comes amid escalating cybersecurity woes in the cryptocurrency sector, with more than $200 million lost to 32 separate incidents until February 29, 2024.
A security breach at Ethena Labs has led to the loss of 480 BNB tokens, valued at approximately $290,000, from the Binance launch pool set aside for agricultural activities. The exact nature of the breach remains uncertain as of now. PeckShield, a firm specializing in cybersecurity on blockchain, identified and reported the security issue at 8:31 a.m. UTC on March 29.
Ethena Labs had just introduced its $ENA token to Binance's launch pool hours prior to the security breach, allowing participants to earn the token through staking BNB or FDUSD. Ethena Labs put its USDe synthetic dollar on its public mainnet on February 19th. It gained its status as a top-earning decentralized application in the entire cryptocurrency sector when it promised investors a 67% annual yield rate on their investments on March 8th.
Compared to major crypto-hacks seen in the industry, Ethena's $290,000 loss is relatively small. This isn't to downplay the concern however; just one day prior, Prisma Finance suffered a loss exceeding $11 million due to an attack.
Cybersecurity remains a significant challenge within the cryptocurrency world, often eroding the faith of investors. According to cybersecurity firm, Immunefi, up until February 29, 2024, the global crypto-market has suffered from 32 separate security incidents, leading to an approximate loss of over $200 million worth of digital assets.
These losses show a worrying trend, illustrating an increase of 15.4% in comparison to the loss faced in January and February 2023, when digital assets totaling $173 million were stolen. The total value of digital assets lost to scams and cyber attacks surged to $1.8 billion in 2023, with North Korea's Lazarus Group being implicated in 17% of these thefts, as per Immunefi's report dated December 28th.
Stay tuned for updates as more information regarding Ethena Labs security breach becomes available.
Published At
3/29/2024 11:56:03 AM
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