Finance

Nexera Halts Trading After $1.5 Million Smart Contract Hack

Aug 7, 2024 1 min read

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Nexera, a decentralized finance (DeFi) protocol, has experienced a significant security breach, resulting in the theft of approximately 34 million NXRA tokens, valued at around $1.5 million. The incident was detected by the security firm Cyvers, which flagged a suspicious transaction involving Nexera's proxy contract. The attacker gained control of the proxy contract, allowing them to transfer all NXRA tokens. The stolen tokens were quickly moved to the Binance Smart Chain (BNB Chain), complicating efforts to trace and recover the assets.

Following the breach, Nexera halted the NXRA token contract and advised all token holders to stop trading activities. The value of NXRA tokens dropped by over 40%, now trading at approximately $0.036. Nexera is actively communicating with centralized exchanges to halt trading and is working to address the exploit. The attacker is reportedly linked to a series of recent private key hacks affecting various platforms. The incident underscores ongoing security challenges within the cryptocurrency industry.

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