Nexera falls to $1.5 million security breach, NXRA trading halted

• Nexera hack led to a $1.5M loss, highlighting crypto security vulnerabilities.
• Recent crypto breaches include Ronin Network’s $9.8M exploit and WazirX’s $230M theft.

Despite 2024 being a landmark year for Bitcoin [BTC] and the broader crypto market—marked by increasing influence and adoption—there has been a troubling rise in hacks and scams.

What happened to Nexera?

On the 7th of August, Nexera, a developer specializing in blockchain infrastructure, fell victim to a security breach.

Taking to X, Cyvers an AI Web3 security firm noted, 

“Hey @Nexera_Official, our system has detected a suspicious transaction involving your proxy contract. An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens.” 

Certik reported that Nexera’s multi-signature wallets were compromised, resulting in a theft of 47.253 million NXRA tokens. 

Further, 

“The address is currently selling all the tokens for $ETH, and some of the funds have already been bridged to the $BNB chain. The total estimated loss is around $1.5 million.” 

Here, the attacker swiftly moved the stolen assets to the Binance Smart Chain.

How did Nexera react to the situation?

In response, Nexera has paused the NXRA token contract and halted trading on decentralized exchanges.

The network is collaborating with centralized exchanges to prevent further trading and is advising all token holders to suspend transactions until the situation is fully resolved.

In response to the attack, Nexera shared a detailed guide for affected users. 

Source: Nexera/X 

Although the $1.5 million theft from Nexera may seem minor in isolation, it follows closely on the heels of a more significant incident.

Other hacks that took place in the crypto ecosystem

Just a day earlier, the Ronin Network experienced a $9.8 million exploit involving Ethereum [ETH] tokens.

In a surprising turn, the suspected white hat hacker behind the attack returned all the stolen funds within hours. 

Additionally, in recent months, the crypto world has been plagued by a series of high-profile hacks and scams.

For instance, WazirX suffered a significant security breach, with hackers making off with over $230 million in digital assets.

Then, on the 23rd of July, decentralized exchange dYdX revealed it had been compromised, sparking concern across the industry.

Moreover, earlier, on the 26th of June, Metallica’s X account was hacked and misused to promote a Solana [SOL] token named METAL.

These incidents highlight the escalating challenges in securing digital assets and emphasize the urgent need for robust security measures in the evolving crypto landscape.