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Hacks, Bugs and Scams

Hacks, bugs, scams and other things in Moneytech and Web3 that did not go as it was expected

Hacks, Bugs and Scams

Hacks, bugs, scams and other things in Moneytech and Web3 that did not go as it was expected

DEX   -   Oct 14, 2022 GMX Loses $500k User Funds in September, Lists Tokens in October
GMX exchange front page

GMX, a popular decentralized exchange, was manipulated in September, resulting in a loss of Liquidity Providers’ funds of $565,000. Just after two weeks, GMX successfully listed its tokens on Binance.

Coins and tokens   -   Oct 11, 2022 Earn $1 Million and Lose It in an Hour
Earn $1 Million and Lose It in an Hour

MEV bot earned more than $1 million on successful arbitrage. But, almost an hour later, a hacker stole all the funds.

binance
Exchanges   -   Oct 21, 2022 Binance Lost Money and Sacrificed Decentralization

The cross-chain exploit of the BSC Token Hub bridge led to the creation of extra BNB. Binance asked the validators to shut down the BNB Smart Chain (BSC). After the BSC exploit, a hard-fork was performed.

Alex Harutunian
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Latest Articles 113 Articles
Exchanges   -   Oct 21, 2022 Binance Lost Money and Sacrificed Decentralization
binance

The cross-chain exploit of the BSC Token Hub bridge led to the creation of extra BNB. Binance asked the validators to shut down the BNB Smart Chain (BSC). After the BSC exploit, a hard-fork was performed.

Alex Harutunian
DEX   -   Oct 14, 2022 GMX Loses $500k User Funds in September, Lists Tokens in October
GMX exchange front page

GMX, a popular decentralized exchange, was manipulated in September, resulting in a loss of Liquidity Providers’ funds of $565,000. Just after two weeks, GMX successfully listed its tokens on Binance.

Alex Harutunian
Coins and tokens   -   Oct 11, 2022 Earn $1 Million and Lose It in an Hour
Earn $1 Million and Lose It in an Hour

MEV bot earned more than $1 million on successful arbitrage. But, almost an hour later, a hacker stole all the funds.

Alex Harutunian
Ethereum   -   Oct 06, 2022 Profanity Bug. How to Save Your ETH?
Profanity Bug. How to Save Your ETH?

Profanity - vanity address generator for Ethereum – has a vulnerability that threatens Ethereum users.

Alex Harutunian
Lending   -   Oct 06, 2022 Wintermute Attacked, $160M Snatched
Wintermute Attacked, $160M Snatched

Algorithmic market maker in digital assets – Wintermute – has been hacked. Hackers used a vulnerability in the wallet used for DeFi proprietary trading operations and stole $160M.

Alex Harutunian
L2   -   Sep 20, 2022 Google Could Team Up with Sky Mavis to Prevent Another Ronin Hack
Google Could Team Up with Sky Mavis to Prevent Another Ronin Hack

Back in March, the Ronin network was breached, causing losses estimated above $600 million. At the time of the event, Sky Mavis only had 9 validator nodes; now, they have 18, including Google Cloud, to prevent another incident like this.

Alex Harutunian
Stablecoins   -   Aug 23, 2022 Liquidity Pool Exploit Led to Acala USD Depeg
a USD price chart. Source: Coinmarketcap

Due to the exploit in Acala’s liquidity pool about $3 billion was lost. The aUSD stablecoin lost its peg. Later, almost all the funds were returned in a controversial way.

Alex Harutunian
Bridges and Interoperability   -   Aug 18, 2022 Lazarus Vainly Attacked deBridge

North Korean group of hackers, Lazarus, attacked deBridge. The human factor has become a vulnerability again.

Alex Harutunian
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