Crypto Hacks: Three Projects Hacked in One Day as Losses Hit Over $11M
Three crypto tasks had been attacked on September 24, struggling mixed losses of greater than $11M. Attackers drained round $1.8M from Payy Network, stole $7M from Duelbits, and minted $2.3M in unbacked tokens on the Meter community; these three are the most recent crypto hacks to hit the trade.
The incidents affected completely different components of crypto infrastructure, starting from cross-chain bridges to non-public keys. Two of the three affected tasks had already suffered main hacks in earlier years.
Payy Network, which supplies on-chain payroll and treasury administration companies, was the primary to report an assault. Its Ethereum bridge was compromised, prompting the workforce to halt the community.
Fresh Crypto Hacks: Payy Network and Duelbits Kose Nearly $9M
Onchain researcher Specter has recognized suspicious transactions originating from the Payy Network bridge. The attacker initially acquired funds by way of the privateness protocol Railgun and subsequently swapped the stolen $1.8M in USDC for Ethereum.
Payy Network later confirmed that the attacker had fully drained the bridge’s stability. The firm mentioned the funds concerned had been non-custodial deposits belonging to Payy Network and Payy Wallet customers, nevertheless it has not disclosed the precise reason behind the exploit.
The attacker’s subsequent goal was the cryptocurrency playing and betting platform Duelbits. PeckShield initially estimated the losses at $4.3M, however Specter later discovered extra affected addresses on the Bitcoin and Solana networks, revising the estimate first to $4.9M after which to $5.9M.
A Duelbits co-founder ultimately reported losses of round $7M, most certainly because of a compromised non-public key. In 2024, the platform confronted one other assault and misplaced $4.6M, which CertiK additionally linked to a possible non-public key leak.
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Meter Attack Sends Two Tokens Plunging
The third affected venture was the EVM blockchain Meter.io. Unlike the Payy Network assault, the place the hacker drained current bridge reserves, this hacker exploited a flaw in block verification to mint unbacked tokens.
According to Blockaid, the attacker created about $2.3M in property after which bought them by way of the decentralized change PancakeSwap.
The Meter workforce mentioned it preserved the community’s state, nevertheless it nonetheless hasn’t decided methods to absolutely restore it. The sale of those unbacked property drove sharp declines in Meter-related tokens; MTR misplaced practically 80% of its worth, whereas MTRG fell by about 75%. Previously, in 2022, the venture suffered a bridge exploit that induced losses of about $4.4M.
This collection of assaults coincided with a bigger incident involving Bitget, which reported unauthorized asset transfers totaling about $351.6M from a restricted variety of wallets.
In response, Bitget briefly suspended withdrawals whereas conducting safety checks. However, buying and selling and deposits continued usually, and consumer balances displayed accurately. The firm is at present investigating the incident and analyzing the motion of the funds.
Earlier, we reported that KelpDAO filed a lawsuit in opposition to LayerZero and its co-founder, Brian Pellegrino, concerning a $292M hack. KelpDAO claims undisclosed dangers and shortcomings in LayerZero’s expertise induced the assault.
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