Recently Listed Billion Dollar Altcoin Hacked: Serious Losses
According to the statement made by cryptocurrency security company PeckShield, an altcoin was subjected to a hack attack.
Cryptocurrency security firm Peckshield has reported that EigenLayer, a decentralized staking protocol, suffered a significant security breach, resulting in the loss of approximately 1.67 million EIGEN tokens worth approximately $5.87 million.
According to Peckshield, the attacker quickly exchanged the stolen EIGEN for USDC and transferred most of the funds to the HitBTC exchange, while around 5,000 USDC was sent to Kraken.
EigenLayer confirmed the attack in an official statement on its X (formerly Twitter) account, explaining that the attack was the result of an email thread between an investor and the platform that was compromised. The incident occurred while the tokens were being held in custody, allowing a malicious attacker to take EIGEN tokens and redirect them to their own wallet.
The stolen EIGEN tokens were then sold through a decentralized exchange platform to be converted into stablecoins, which were then moved to centralized exchanges. In response, EigenLayer stated that they have been in contact with both the relevant exchanges and law enforcement and have managed to freeze some of the stolen funds.
EigenLayer clarified that the breach was isolated and did not impact the broader ecosystem. The company assured users that there were no vulnerabilities in the protocol or token contracts, and that the incident was not caused by any on-chain issues.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Perplexity AI to Testify in Landmark Google Antitrust Case
Perplexity AI, a rising competitor in the search industry, is set to play a key role as a witness in the ongoing United States Department of Justice (DOJ) antitrust trial against Google.

Manychat Secures $140 Million to Advance AI-Powered Business Messaging
Manychat, a leading business messaging platform, has raised $140 million in a new funding round to accelerate its artificial intelligence (AI) capabilities and expand its global business communications market reach.

El Salvador Launches National AI Lab in Partnership with NVIDIA to Drive Technological Sovereignty
El Salvador is making significant advancements in artificial intelligence (AI) by launching its first national AI Lab in partnership with NVIDIA. Recently announced by the Bitcoin Office, this initiative aims to develop sovereign AI capabilities to enhance key sectors like healthcare, education, and the economy.

BlackRock Invests $84 Million in Bitcoin

Trending news
MoreCrypto prices
More








