Hacker Drains Funds From Equalizer Users; Investigation Underway
Summary:
A hacker has initiated a funds withdrawal from Equalizer, a decentralized exchange on May 14. The Equalizer team alerted users to stop interactions with the platform. The illegal activities comprise the extraction of 2,353 Equalizer tokens and others. The cyber criminal's wallet continues to amass the stolen cash. The incident sparked a chain reaction leading to more tokens lost. The event also led to the 11% depreciation of EQUAL token's price, and a scammer exploiting the situation by creating a fake account. The investigation is underway to confirm if all the tokens were taken via Equalizer DEX. The team is taking measures to prevent further losses and has advised users to refrain from using the main website for now.
On May 14, a cyber criminal started to illegally withdraw funds from users of Equalizer, a decentralized exchange (DEX). The Equalizer team exposed the fraudulent activities in a public statement, advising users to refrain from interacting with the platform's interface due to the security breach. To date, the offender has managed to drain around 2,353 Equalizer (EQUAL) tokens along with a variety of other ones from users' accounts. Despite the low value of the pilfered tokens, their small scales allowed the hacker to continue the illicit operation unnoticed.
This cyber criminal, whose wallet address was traced back to its creation 222 days ago, is still receiving the purloined funds. The initial theft saw the removal of 2,500 SpookySwap liquidity tokens (spLP) at about 4:10 am UTC on May 14, which then led to the loss of additional tokens from the users.
The confirmed extent of the unlawful withdrawal includes:
2,353 EQUAL in five separate transactions
510,579 FantomStarter (FS)
2,500 spLP
6 million AnyInu (AI)
985,565 ChillPill (CHILL)
50,000 WigoSwap (WIGO)
25 multiDEUS (DEUS)
Consequently, the price of the EQUAL token has depreciated almost 11% in the day, falling to approximately $8.90.
To compound users' suffering, a fraudulent Equalizer X account was created by a scammer which misled affected users on how to recover their stolen funds. It is still uncertain whether all tokens were obtained illegally through the Equalizer DEX, as the investigation is however still ongoing.
In an effort to mitigate further financial losses, the Equalizer team announced through their Discord Channel a protective measure that their users should adhere to:
Users should stop using the site immediately if they are asked to approve something they are unsure of by the Dapp [[Connect Wallet]], or if it asks to interact with a contract they have previously never interacted with, or asks approval for an unrecognized contract.
An Equalizer Discord community member "543" advised that those who did not engage with the Equalizer websites within the past six hours are safe. Nonetheless, if anyone did within the timeframe, they were asked by "543" to "please revoke all your approvals made during this time."
The Equalizer team are actively attempting to restore the main website's functions and have strongly advised their users to abstain from using the main website until further notice.
Published At
5/14/2024 1:31:31 PM
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