The Cetus incident, which has made waves in the blockchain world recently, was linked by many to a security vulnerability in the Sui or Move platforms. However, according to statements by developers and security experts, these claims are inaccurate. The incident actually occurred due to an error in Cetus’s own math library. They assert that the issue was not caused by a direct vulnerability in the Sui network or the Move programming. A miscalculation in Cetus’s mathematical operations led to incorrect results and unexpected consequences. Therefore, it is considered a problem specific to the Cetus project. 

According to the published report, the network was designed specifically to support the development of more secure smart contracts. The team expressed that it was deeply disappointed to witness such a major incident on a single dApp. They also emphasized that incidents like this are part of the growth process that every major blockchain faces over time. Even the best system designs or programming languages cannot fully prevent human error. 

SUI $10 Million Security Investment 

Sui has taken a significant step to strengthen ecosystem security. It will elaborate on its existing security measures. Additionally, it has allocated $10 million toward audits, bug bounty programs, formal verification, and other security initiatives. Sui is committed to spending an additional $10 million on security efforts. The team is working closely with the developer community to refine its security plans. 

SUI Technical Details 

According to security firm SlowMist’s analysis, the “checked_shlw” function in Cetus’s smart contract failed to perform overflow checks correctly. This flaw allowed attackers to over-mint liquidity with a single token. Research by Verichains indicated that similar mathematical errors might exist in other projects within the Sui ecosystem. However, those projects have started correcting the related issues. 

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Over 7 million email addresses compromised during the breach have recently been fully exposed online. This has raised concerns, with a SlowMist executive warning that scammers now have access to a new treasure trove of information.

SlowMist Chief Information Security Officer “23pds”: “Do you remember the 2022 attack on OpenSea’s email service provider that led to the leak of email addresses? These leaked emails are now fully public.”

23pds explained that the attack occurred in June 2022 but noted that the data had not been publicly accessible until recently. They highlighted that this makes it possible for “all groups of attackers to use this information for phishing and scamming.”

“This information was not publicly available before. However, now all the leaked data is entirely public and accessible to anyone who wants it.”

23pds further noted, “The amount of leaked data has reached 7 million. This includes email information of many prominent figures, companies, and key opinion leaders (KOLs) in the industry, as well as a significant number of overseas cryptocurrency professionals.”

Related tweet:

One of the world’s largest NFT (non-fungible token) marketplaces, OpenSea, warned its customers of a data leak on June 29, 2022, after discovering that an employee of the email automation platform Customer.io had leaked OpenSea customer email lists to a third party.

“If you have shared your email with OpenSea in the past, you should assume you were impacted. We are working with Customer.io in their ongoing investigation, and we have reported this incident to law enforcement,” it said.

Preventing Phishing Scams

23pds advised those who believe their email was leaked to create strong and unique passwords and use a password manager to store them securely.

They also recommended using two-factor authentication (2FA) wherever possible and preferred an authenticator app over SMS-based 2FA. Keeping device software up to date was also emphasized as an important security measure.

According to CertiK, phishing scams were one of the most significant security threats of 2024, with attackers making off with over $1 billion of digital assets from 296 incidents during the year.

“Phishing was the most costly attack vector last year,” said CertiK. “Our figures are conservative; the actual number is higher when considering unreported incidents and other types of phishing scams like pig butchering.”

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When and How Did the Attack Happen?

On November 16, 2024, a vulnerability in DEXX’s infrastructure was exploited, compromising the assets of over 900 users. According to MistTrack reports, hackers accessed user funds through private key leaks.

• Scale of losses: While most victims lost under $10,000, one user reported losses exceeding $1 million.
• Updated loss estimates: Initially reported at $21 million, total damages climbed to $30 million due to token price fluctuations and ongoing exploits.
• Historical context: This event ranks as the second-largest hack of November, following the $25.5 million Thala attack earlier in the month.

Hacker Tactics: Where Are the Funds Going?

The attacker has been converting stolen assets via Solana (SOL). SlowMist’s findings indicate the hacker also operates across Ethereum, BNB Chain, and Base networks. The firm has pledged to continue releasing details about suspicious wallet addresses in the coming days.

DEXX’s Recovery Efforts

In response to the attack, DEXX issued public appeals to the hacker, offering bug bounties and token rewards in exchange for the return of the stolen funds. However, no response has been received to date.

DEXX’s Operations Director, Bruce, shared the following with CoinTelegraph:

“We attempted to contact the hacker after the attack, proposing negotiations for the return of the funds. Simultaneously, we are restructuring the platform and strengthening security measures to compensate for user losses.”

DEXX, working in partnership with SlowMist and law enforcement, has promised user compensation. However, the scope of reimbursements will depend on the extent of recovered funds.

Broader Implications for the Crypto Ecosystem

This attack underscores the pressing need for robust security measures in DeFi projects.

• Hack trends: Immunefi reports total losses of $1.5 billion in 2024 so far—a 15% decline compared to 2023, though the scale of threats remains significant.
• Fraud losses: In October 2024 alone, phishing attacks resulted in $20.2 million in losses, affecting 12,000 users.

The DEXX attack serves as a stark reminder of the evolving challenges in safeguarding digital assets in an increasingly decentralized financial landscape.

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The post $30 Million Lost in DEXX Attack! appeared first on Coin Engineer.

According to SlowMist’s chief information security officer, a hacker from Lazarus Group created a fake LinkedIn profile under the name “Nevil Bolson” claiming to be the co-founder of Fenbushi Capital. It was determined that the profile picture used by the fraudster belonged to the real Fenbushi Capital partner Remington Ong.

It has been confirmed that the fake LinkedIn page remains active and the fraudster is soliciting discussions from software developers. Lazarus Group often conducts private conversations on LinkedIn pretending to be an investor and then tries to schedule meetings with its targets.

SlowMist warns that Lazarus Group’s strategy involves gaining the victim’s trust before adding malicious links disguised as meeting invitations or event pages that, when clicked, will lead to phishing attacks.

By comparing IP addresses and observing similarities in attack methods, the security firm determined that “Nevil Bolson” was part of the Lazarus Group.

As reported by the UN Security Council, North Korea’s state-sponsored crypto hacker groups allegedly generate significant revenue for the country, a large portion of which is allocated to the development of weapons of mass destruction.

According to Chainalytics, approximately $1.7 billion worth of funds have been stolen from the cryptocurrency space through 231 hacks.

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