Dolev told Cointelegraph: “This incident mirrors attack patterns we’ve documented in prior exploits, where access to critical administrative roles enabled malicious upgrades and fund drainage.”The executive added that the hack underscores an urgent need to enhance security around wallet permissions, multisignature implementations and runtime transaction validation. The $70 million stolen in the incident would more than double the amount lost in the previous month.
Source: CoinGeckoRelated: Hacker steals $8.4M from RWA restaking protocol ZothUPC hack mirrors previous attack patternsIn a statement, Cyvers co-founder and chief technology officer Meir Dolev told Cointelegraph that while the root cause of the attack remains under investigation, these types of incidents often stem from compromised credentials or flawed access control mechanisms. Dolev told Cointelegraph that both of these vulnerabilities have been the predominant cause of Web3 losses in 2024.
The attacker then executed a function that allows admins to withdraw, leading to fund transfers from three different management accounts. At the time of writing, the stolen tokens had not been swapped for other crypto assets.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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