MonoSwap Hacked, User Urged To Withdraw Funds Immediately

DEX Monoswap hit by hacker attack. (Photo; Doc. Cryptoleed)

JAKARTA - MonoSwap, a decentralized crypto exchange (DEX), issued a warning to its users regarding platform security concerns. On July 24, there was a security breach that compromised wallets and contracts on this platform. This situation requires immediate action from users to withdraw their funds.

According to MonoSwap's latest post on social media, one of their developers fell victim to a phishing attack. The attackers disguised themselves as venture capital investors, and directed the developer to install apps from phishing links. As a result, hackers gain access to important systems and significantly attract the amount of liquidity (stagged) at stake.

The attackers installed botnets on their office PCs, which have access to all wallets and contracts related to the MonoSwap, reads the post. Hackers then withdrew most of the liquidity positions at stake, causing damage to the protocol.

MonoSwap is investigating this attack and is trying to find further steps. The company is committed to working with venture capital to build a better future for this platform. Even though this situation is not desirable, MonoSwap is trying its best to solve this problem.

Crypto Hacking In April And June Decreased

Blockchain security firm PeckShild recently reported a significant decline in the number of crypto hacks in June. The loss suffered reached 176 million US dollars (IDR 2.82 trillion), indicating a 54.2% drop from the USD 385 million (IDR 6.16 trillion) stolen in May.

In June, the biggest crypto hack occurred on the BtcTurk exchange, with more than US$100 million (Rp1.6 trillion) stolen assets. In addition, the UK-based centralized exchange, Lykke, also suffered a major foul with a loss of US$22 million (Rp352 billion).

The DeFi sector also did not escape attacks. The Uwu lending protocol experienced a hack of 19.4 million US dollars (Rp310.4 billion), making it the third-largest exploit of the month. Commonly used attack methods include flash loan exploitation, outfit fraud, and technical vulnerability.

In addition, according to a report from security firm CertiK, April 2024 also recorded a decrease in losses from hacking and fraud. The month recorded its lowest loss of a total of about 25.7 million US dollars (Rp411.2 billion), marking the lowest record since CertiK began tracking the incident in 2021.

In this context, a report from Chainalysis also shows a downward trend in attacks on DeFi protocols since the beginning of the year. In the first quarter of 2024, there was a loss of around 200 million US dollars (Rp 3.2 trillion) due to hacking, much lower than the same period last year.