Crypto sector hit by a string of hacks
Three crypto projects were attacked within a few hours.
Three crypto projects were attacked within a few hours. The victims are SushiSwap, Terraport Finance, and the GDAC exchange.
In recent days there have been three hacking incidents in the crypto space. The decentralized exchange SushiSwap, the DeFi platform Terraport Finance, and the South Korean trading venue GDAC were impacted. In total, more than $15 million was stolen. After the Euler Finance hack, hacker attacks continued in April.
SushiSwap with a flaw in smart contracts
blockchain security firm PeckShield reported unusual activity related to the authorization function in a SushiSwap smart contract. It quickly became clear: a hacker exploited the bug within hours to steal about $3.3 million.
Jared Grey, lead developer at SushiSwap, then urged DEX users to retract the View post on X for all contracts in the protocol. On GitHub users of the exchange can find a list of all affected blockchain addresses. A short time later View post on X Grey reported an early success: "We recovered more than 300 ETH." Whether the development team will be able to recover the rest of the funds remains to be seen.
Terraport Finance loses $2 million
The DeFi platform Terraport Finance also reported an attack on its in-house liquidity wallet. "The team is currently investigating this breach and steps have been taken to secure the log," View post on X Terraport on Twitter.
The hacker had stolen about US$2 million in Terra Luna Classic (LUNC) and had moved the funds to Binance and other crypto exchanges, according to the statement. The incident caused a stir in the community because the project reportedly hadn’t undergone an audit before launch.
GDAC exchange loses 23% of its assets
Another hack targeting GDAC. The South Korean crypto exchange handles token-to-token trades. The platform lost more than $13.1 million in Bitcoin, Ether, Wemix, and USDT — totaling 23% of GDAC’s assets.
Following the attack, withdrawals and deposits were blocked. In a verklaring urged GDAC to block incoming transactions from suspicious addresses.
Crypto hacks getting more successful
In mid-March, the DeFi platform Euler Finance was hit by a so-called "flash loan attack." With nearly $200 million stolen, it was the largest hack of the year so far.
In 2022, cybercriminals netted about $3.8 billion — the most lucrative year on record. The Ronin Bridge breach on the Axie Infinity blockchain game and the attack on the Solana DeFi protocol Mango Markets were particularly impactful.
