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On July 24, MonoSwap advised its users to withdraw their funds without delay following a security incident that affected its wallets and contracts.
As per MonoSwap’s recent social media update, one of the developers was targeted in a phishing scheme, which enabled hackers to access essential systems and withdraw considerable amounts of staked liquidity.
MonoSwap Developer Targeted by Phishing Scheme
On July 23, the developer was misled into installing a phishing application during a conversation with fraudsters impersonating venture capitalists.
“The attackers installed the botnet on his office computer, which has access to all MonoSwap-related wallets and contracts,” the post stated. “The hackers subsequently withdrew the majority of the staked liquidity positions, resulting in harm to the protocol.”
“We are currently investigating the incident and will soon communicate our next steps,” the company indicated. “We were attempting to collaborate with VCs to create a better future for MonoSwap. However, unfortunate events transpired, and we are now doing our utmost to address this situation.”
ALERT: MonoSwap has been compromised. DO NOT add liquidity or stake in our farming pools at this time.
If you have any staked positions, please withdraw immediately to prevent loss of funds.
Yesterday, one of our developers installed a phishing app to participate in a call with scammers who…
— MonoSwap (@monoswapio) July 24, 2024
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Blockchain security firm PeckShield recently noted a reduction in crypto hacks during June, with losses totaling $176 million. This amount signifies a 54.2% drop from the $385 million taken in May.
In June, the most significant crypto theft targeted the BtcTurk exchange, leading to over $100 million in stolen assets. The UK-based centralized exchange Lykke also experienced a substantial breach, with losses reaching $22 million.
The DeFi sector was also affected, as lending protocol UwU encountered a $19.4 million hack, marking it as the third-largest exploit of the month. Common attack strategies included flash loan exploits, exit scams, and technical vulnerabilities.
April 2024 also experienced a decline in losses from hacks and scams, according to security firm CertiK. The month recorded the lowest total losses, with around $25.7 million lost to various exploits, representing a new low since CertiK began its tracking in 2021.
The report emphasized a 141% reduction in total losses compared to the previous month. This decrease was attributed to fewer flash loan attacks and private key hacks, indicating enhanced security measures within the industry.
The post MonoSwap Hacked, Users Urged to Withdraw Funds Immediately appeared first on Cryptonews.
