The DEXX platform was attacked by hackers, causing heavy losses in the Meme coin market, with user losses potentially reaching hundreds of millions of dollars.

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DEXX platform遭遇重大网络攻击,用户资产大规模失窃

In the early hours of November 16th, a decentralized trading platform focused on Meme token trading suffered a severe cyber attack, resulting in the illegal transfer of a large amount of user assets. Preliminary estimates suggest that the platform may have lost up to tens of millions of dollars, potentially reaching over a hundred million dollars. A security expert pointed out that users' private key information has been compromised, but the exact leak path is still under investigation.

This incident has dealt a significant blow to the recently active on-chain Meme market, while also reigniting concerns about the security of on-chain assets. The market's trust in the platform has plummeted sharply, with some even suspecting it to be an inside job.

Focusing on the Meme Black Swan: The large-scale theft incident of the on-chain exchange DEXX | TrendX Research Institute

Latest Developments in the Event

The platform occupies an important position in the trading field of Meme coins, providing comprehensive services such as trading, liquidity, launch, staking, and lending for Meme tokens. As a decentralized exchange, the platform's daily trading volume has long been among the top, earning it the title of "on-chain trading center" for the Meme coin market.

However, this incident exposed serious issues with the platform's security.

  1. A non-custodial platform that records user private keys can easily expose user assets to hackers if the system is breached.
  2. When the user exports the private key, no encryption measures were taken, resulting in the private key being exposed in plaintext during transmission.

On November 17, the platform's founder responded: "Due to special reasons, we cannot synchronize the latest updates at the moment. Please give us some more time to handle it satisfactorily." Previously, the official statement indicated that the team is doing everything possible to resolve the issue and promised to compensate users for their losses.

However, as the amount stolen continues to increase, most users are skeptical of the platform's promises, believing that this could be an inside job. The community has discovered that there are security risks when exporting private keys, and the private keys may be stored in plaintext on the official servers.

Impact on the Meme Market

According to market data, several well-known Meme tokens have experienced varying degrees of decline:

  • BAN dropped by about 30%
  • LUCE fell by about 20%
  • PNUT may drop by about 12.5%

It is worth noting that this attack incident may not yet be over. As of the 17th, at least $13 million has been confirmed stolen, but the actual losses may far exceed this amount. In addition to stablecoins, a large number of recently popular Meme coins have also been stolen.

Currently, the stolen funds are still held in the hacker-controlled address and have not been transferred. This situation brings greater uncertainty to the market, as no one knows whether these stolen Meme coins will suddenly be sold off and cause a crash.

How to Safely Custody Funds

In light of this incident, here are some suggestions for protecting asset security:

  1. Use a hardware wallet to store main assets.
  2. Diversify funds by storing them in multiple wallets.
  3. Choose a truly decentralized custody solution.
  4. Carefully examine the security measures of the exchange or platform.
  5. Consider purchasing crypto insurance against hacking attacks.

In addition, users should also:

  • Be cautious with tools recommended by others.
  • Prioritize reputable automated tools.
  • Be wary of various online scams.
  • Transfer funds to a self-controlled wallet promptly after large transactions.

In the risky environment of blockchain, it is crucial to always prioritize security. Users are advised to gain a deep understanding of various security measures to better protect their digital assets.

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MetaNeighborvip
· 18h ago
Another collapse? I'm not surprised at all.
View OriginalReply0
NFTArtisanHQvip
· 18h ago
crypto infrastructure remains a delicate canvas of trust tbh...
Reply0
OnchainDetectivevip
· 18h ago
Money can't buy life.
View OriginalReply0
TideRecedervip
· 18h ago
Another Rug Pull happened.
View OriginalReply0
PumpAnalystvip
· 18h ago
Look, a new way to Be Played for Suckers has arrived, the leak of a Private Key is such a basic mistake.
View OriginalReply0
SchrodingerGasvip
· 18h ago
The attacker's arbitrage model has once again shattered market equilibrium. Staying up late for new exploit analysis.
View OriginalReply0
EthSandwichHerovip
· 18h ago
Another day of the liver empty little fish sending warmth...
View OriginalReply0
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