Hacker Generates 1 Billion CGT Tokens Valued at $40 Million within Curio Ecosystem

The Curio decentralized finance (DeFi) initiative encountered a breach, with experts from Cyvers Alerts approximating the incurred losses to be around $16 million. The breach appears to have been orchestrated through an exploitation of vulnerabilities within the permissioned access logic, allowing the attacker to generate an additional 1 billion CGT tokens, as per analysts at Cyvers Alerts.

This breach consequently enabled the hacker to gain control over CGT tokens valued at close to $40 million. These findings from Cyvers Alerts come in the wake of a prior warning issued by Curio regarding a potential smart contract exploit.

Cyvers Alerts further highlighted that the compromised smart contract, which was based on MakerDAO, was a component of the ecosystem operating on the Ethereum platform. This revelation underscores the significance of ensuring robust security measures within smart contracts to mitigate such risks effectively.

Reassuringly, the Curio Ecosystem team has promptly responded to the breach, affirming their active engagement in addressing the situation. They have pledged to keep the community informed with updates on the progress of their efforts. Additionally, they emphasized that despite this incident, all contracts on the Polkadot side and within the Curio Chain ecosystem remain secure, aiming to instill confidence among users regarding the integrity of their platform.

In a broader context, the crypto industry witnessed a decline in losses attributed to hacks and scams during February, amounting to approximately $67 million, representing a notable decrease from the figures reported in January. N

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This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents