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Market News A $50M HXA Token Movement Is Linked To The KyberSwap Exploiter, According To Blockchain Security Firm Cyvers

A $50M HXA Token Movement Is Linked To The KyberSwap Exploiter, According To Blockchain Security Firm Cyvers

An investigation by a blockchain security firm revealed that HXA tokens valued at $50 million had been pilfered via an exploit on the decentralised exchange KyberSwap. In addition to the distribution of these tokens to numerous external accounts, the official HXA website was inaccessible.

TOP1 Markets Analyst
2023-12-11
6860

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Blockchain security firm Cyvers has linked the $50 million in Herencia Artifex (HXA) tokens in question to an exploit on the decentralised exchange KyberSwap, as reported by Cointelegraph. The funds that were monitored, which were in the exploiter's possession, were transferred to a number of externally owned accounts (EOAs). Presently, these accounts are replete with HXA tokens.

 

A comprehensive examination unveiled that these HXA tokens were transferred to the exploiter's address from an Ethereum address via the "transfer from" function, a widely employed mechanism among users of decentralised applications (DApps). This function enables the transmission of tokens from the balance of another party to a third-party address by one party. Nonetheless, any vulnerabilities or defects in the implementation of this function could result in potentially catastrophic security problems.

 

A potential vulnerability, according to cyvers, resides in the Multicall function, which is an integral component of the Thirdweb libraries and is utilised by the smart contract of the HXA token. The firm presented this assertion in its extensive report, encouraging individuals with an interest to further investigate the exploit in order to comprehend its complete extent and consequences.

 

Due to the occurrence, MEXC, a cryptocurrency exchange, has implemented a suspension on the withdrawal and deposit of HXA tokens. The decision was made in light of HXA's atypical on-chain operations, as opposed to the breach itself giving rise to explicit security concerns. HXA's official website, hxacoin.io, is presently inaccessible without providing an explanation for the disruption, which further adds to investor concerns.

 

Following last month's significant security intrusion at KyberSwap, during which hackers stole approximately $46 million in crypto assets, this development occurs.

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