Decentralized Exchange Hit by Hack: Users Urged to Withdraw Funds Immediately

On July 24, 2024, MonoSwap, a decentralized exchange and staking platform, revealed it had been hacked and advised users to withdraw their funds and avoid adding more.

On July 24, 2024, MonoSwap, a decentralized exchange and staking platform, revealed it had been hacked and advised users to withdraw their funds and avoid adding more. The platform also cautioned against clicking a malicious link identified in a social media alert.

The breach occurred on July 23, 2024, when a developer fell victim to a phishing scheme disguised as a venture capitalist call. Scammers installed malware on the developer’s computer, gaining access to the platform’s wallets and contracts, leading to significant losses of staked liquidity.

MonoSwap is currently investigating the attack and working with venture capitalists to address the issue.

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Europol Exposes Rising Crypto Crime and Privacy Challenges

CoinGecko co-founder Bobby Ong had warned on July 11, 2024, about a surge in crypto hacks, attributing the rise to security lapses following Google’s domain business sale to Squarespace, which disrupted two-factor authentication.

Recent incidents include a phishing redirect on Compound Finance’s site, now fixed, and a $235 million hack of India’s WazirX exchange on July 18, 2024, allegedly by North Korea’s Lazarus Group.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.