MonoSwap Urgently Calls for User Withdrawals Following Major Hack

MonoSwap Urges Immediate User Withdrawals After Security Breach

On July 24, MonoSwap issued an urgent call for its users to withdraw their funds immediately following a significant security breach that compromised its wallets and contracts.

Urgent Withdrawal Alert: MonoSwap Hacked Due to Phishing Attack

MonoSwap announced on July 24 that users should withdraw their funds immediately after a phishing attack on one of its developers led to a breach of critical systems. Hackers managed to withdraw substantial amounts of staked liquidity.

MonoSwap Urges Users to Withdraw Funds Immediately Following Phishing-Induced Security Breach

MonoSwap’s recent social media post revealed that a developer fell victim to a phishing attack on July 23, during a call with scammers posing as venture capitalists. The attackers installed a botnet on the developer’s office PC, granting them access to all MonoSwap-related wallets and contracts, and allowing them to withdraw most of the staked liquidity positions, severely damaging the protocol.

Developer Targeted in Phishing Attack Leading to MonoSwap Hack

MonoSwap stated, “We are investigating the attack right now and will soon announce the next moves. We were trying to work with VCs to build a better future for MonoSwap. However, unfortunate things happened, and now we are trying our best to solve this issue.”

Crypto Hacks on the Decline Amid MonoSwap Breach

Despite this setback for MonoSwap, recent reports from blockchain security company PeckShield and security firm CertiK indicate a general decline in crypto hacks in recent months. PeckShield reported a 54.2% decrease in crypto hack losses in June compared to May, with $176 million lost, while April saw the lowest combined losses since 2021, with approximately $25.7 million lost to various exploits.

Reduced Crypto Hack Activity Reported by Security Firms

In June, the largest crypto heist targeted BtcTurk exchange, resulting in over $100 million in stolen assets. Other significant breaches included a $22 million loss from the UK-based Lykke exchange and a $19.4 million hack of the DeFi lending protocol UwU. Common attack methods included flash loan exploits, exit scams, and technical vulnerabilities.

April 2024 also saw a downturn in losses from hacks and scams, marking a 141% decrease in total losses compared to the previous month. This reduction was attributed to improved security measures within the industry.

As MonoSwap continues to address the breach, the broader trend of declining crypto hacks underscores the ongoing efforts to enhance security within the blockchain space.

Join our Telegram channel: https://t.me/CryptoExpert_BD