Nexera protocol hit by $1.5 million hack. Nexera, a DeFi platform designed to connect traditional finance with blockchain innovations, suffered a serious vulnerability on August 7, as reported by Cyvers.
According to Cyvers, the attack was facilitated by exploiting a proxy contract within Nexera’s system. The malicious actor took control of the proxy contract, upgraded it, and then used the “remove admin” function to siphon off $1.5 million worth of Nexera (NXRA) tokens.
Interestingly, this breach comes just a day after a white hat hacker compromised the Ronin network for $9.8 million worth of Ether (ETH). However, the white hat hacker who stole Ronin’s funds returned all the assets within a few hours.
This quick turnaround is in stark contrast to the Nexera incident, where the hacker is now on the run with the funds. The stolen NXRA tokens are being sold in exchange for Ether and linked to the Binance Smart Chain (BNB). The total estimated loss remains around $1.5 million.
Nexera announced on Twitter that it had identified the exploit and was taking action to prevent further damage.
The hackers’ activities are particularly worrisome because of their tendency to convert stolen tokens into Ether, a common tactic used to launder funds through cryptocurrency mixers like Tornado Cash. This process complicates efforts to recover stolen assets and bring perpetrators to justice.
Adding an additional layer of complexity, on-chain investigator ZachXBT linked the Nexera hack to a series of previous exploits, including breaches at SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, and Reach. This connection underscores a worrying trend of repeat offenders in the crypto space.
Also read: Convergence Finance sends negotiation message to hacker
