News

EraLend Attack Update: 31% Of Stolen Funds Transferred To CEX

Key Points:

  • In the EraLend attack, the zkSync ecological lending protocol’s attacker has shifted tactics by transferring 31% of the stolen funds, approximately 410.8 ETH (around $757,000), to a cryptocurrency exchange (CEX).
  • This incident highlights the ongoing security challenges in the cryptocurrency landscape, underlining the need for robust security measures and a united effort among platforms and the community to prevent and respond to cyber threats.
The ongoing saga of the EraLend attack continues to unfold, as security agency PeckShield’s monitoring reveals significant developments. 

On August 22nd, the attacker behind the zkSync ecological lending protocol EraLend has initiated a noteworthy move, transferring approximately 410.8 ETH to a CEX. This transfer amounts to about 31% of the total stolen funds, marking a significant shift in the dynamics of this cyber incident.

The attack, which has been previously reported, involved a manipulation of the oracle machine’s price by the attacker. This manipulation led to the utilization of the USDC mining pool, ultimately resulting in losses of approximately $2.76 million.

With this recent transfer of 410.8 ETH, roughly equivalent to $757,000 in US dollars, to a CEX, the attacker’s motives and strategies come into sharper focus. This transfer accounts for a substantial portion of the stolen funds, potentially signaling a step toward cashing out or further diversification of the stolen assets.

As EraLend grapples with the aftermath of the attack, the situation underscores the ever-present challenges of security within the cryptocurrency landscape. Incidents like these highlight the importance of robust security measures and proactive responses by both platforms and the broader community.

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.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

Chubbi

Recent Posts

Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

The crypto industry campaign spent $135 million supporting over 50 U.S. election candidates in 2024,…

1 hour ago

Big Money Is Back in the Market: Here Are 3 Tokens They Are Heavily Buying

Major investors are heavily purchasing specific tokens they think have great development potential when huge…

2 hours ago

Your Guide to the Best Presale Cryptos to Buy in November 2024, Qubetics, Filecoin, and Litecoin Comparison

Crypto is still shaking up the financial world, and the latest players in this space…

3 hours ago

$115M Success Story – Once an Underdog Here’s How BlockDAG Has Gone a Leg Up Against Archrival Kaspa

Discover why BlockDAG (BDAG) is emerging as a strong competitor to Kaspa (KAS) with its…

5 hours ago

BitMart’s Customer-Centric Vision: Growing with Purpose

With financial inclusion and customer-first on top of mind, founded in 2018, BitMart is a…

5 hours ago

Why Do Analysts Believe This is the Best Crypto to Join Right Now? Top Coins Set to Explode!

Finding the best crypto to join right now can feel like searching for a gem…

5 hours ago

This website uses cookies.