Weekly Crypto Hack Report: Are Your Digital Assets Safe?

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This week has been one of the most unstable for the cryptocurrency world, with cybercriminals making their presence felt in unexpected ways. From decentralized exchanges and hardware wallets to social media accounts and entire blockchain networks, hackers have targeted some of the industry’s most trusted platforms.

These attacks reveal critical vulnerabilities that have remained hidden, raising questions about the true security of the crypto space.

The dangers are more alarming than ever! Read on to know more.

Clober DEX Suffers Major Reentrancy Attack

A reentrancy attack recently targeted Clober’s decentralized exchange liquidity vault on the Base Network. The hackers exploited the Rebalancer smart contract’s _burn() method, making off with 133.7 ETH, valued at over $501,000.

This attack shows us the ongoing threats faced by decentralized exchanges and their users, emphasizing the need for stronger security protocols.

Cardano Foundation’s X Account Hacked

The official X account of the Cardano Foundation was hacked, resulting in unauthorized posts being made from the account. While no funds were lost, the incident raised significant concerns about the safety of social media accounts linked to cryptocurrency projects.

The foundation quickly urged followers to disregard any posts during the investigation.

Ledger Nano S Wallet Hack: A $2.5 Million Theft

A Reddit user recently claimed that hackers stole $2.5 million in digital currencies from their Ledger Nano S hardware wallet, 10 Bitcoin, and $1.5 million in NFTs. Though the user encrypted the seed phrase and avoided the unsafe transactions, he said that the hacking happened after two months when the wallet was idle. 

Charles Guillemet, CTO of Ledger, responded by reiterating that phishing scams remain a significant threat. He also reminded users that Ledger never asks for private account information, urging vigilance in protecting sensitive data.

Dogecoin Network Hit by ‘DogeReaper’ Attack

A major vulnerability called “DogeReaper” was exploited to launch a damaging attack on the Dogecoin network. As a result, 69% of active nodes were brought offline, dropping the number of active nodes from 647 to 205, before partially recovering to 331.

Although centralized exchanges and custodians remained unaffected, this attack revealed serious concerns about the decentralization and resilience of the network, raising questions about its long-term stability.

India Cracks Down on Gate.io Exchange

The Indian government recently took action by shutting down access to the Gate.io cryptocurrency exchange, affecting a large number of users. The exchange has yet to issue an official statement, but this move highlights the growing regulatory pressure on the crypto industry in India, which could significantly impact crypto trading for Indian citizens in the future.

WallStreetBets X Wallet Hack: $2.2 Million Stolen

WallStreetBets X’s digital wallets were hacked and the attackers made away with an estimated $2.2M in meme coins of various types: $1.43M PNUT tokens, $400K ZEREBRO tokens, and $130K ALCH tokens. The exploit was about passkey weaknesses present in the mobile application of X. 

The post revealed that, sometimes, clicking on links in social media can be risky especially those offering at prices which seem to be too good to be true.

That concludes this week’s roundup of crypto hacks. Stay tuned for more updates!