cryptojournalist
What Happened?
On Nov. 16, hackers exploited a vulnerability in DEXX, a platform for trading memecoins, and stole around $30 million. Security firm SlowMist discovered over 8,600 Solana wallets tied to the attack. At least 900 users were impacted, with most losing under $10,000. One unlucky user lost over $1 million.
How the Hack Unfolded
Originally estimated at $21 million, the total losses have grown due to the fluctuating value of stolen tokens. The hacker converted much of the stolen funds into Solana (SOL) and is suspected of spreading assets across other blockchains like Ethereum and BNB Chain. SlowMist plans to release additional wallet details soon.
DEXX’s Efforts to Recover Funds
DEXX has been monitoring the hacker’s wallets and offered a reward if the funds are returned. Despite messages sent to the hacker, no response has been received. DEXX is now working with law enforcement and SlowMist to investigate and has promised to compensate affected users, depending on how much they recover.
Crypto Hacks on the Rise
November alone saw $71 million stolen in hacks, though total losses for 2024 are slightly lower than in 2023. Beyond hacks, phishing scams are also rampant, with $20 million stolen from 12,000 victims in October.
