Scam Alert

Multi-chain Wallet UvToken Has Lost $1.45 Million In A Smart Contract Exploit

UvToken, a multi-chain crypto wallet, has been hacked for 5,011 BNB tokens (1.45 million), with the funds already channeled through authorized crypto mixer Tornado Cash.

According to security company Ancilia, the breach happened on the BNB Chain blockchain on Thursday morning at about 5 a.m. UTC time.

UvToken admitted the issue, claiming that its staking project had been compromised. It is presently investigating the exploit with security professionals.

According to PeckShield, UvToken allows users to stake the native token into a particular contract.

PeckShield speculated that the contract may have featured a logic flaw that enabled the hacker to make a fraudulent call and collect the cash.

This comes amid a spate of hacks and vulnerabilities this month, which appears to be a particularly awful month for DeFi efforts. The latest breach adds to the long number of vulnerabilities that have plagued the cryptocurrency market this month.

So far in October, the crypto sector has seen several security breaches, including a $100 million compromise of BSC Token Hub and a $114 million attack on Mango Markets, among others.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.