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DEX Safemoon Gets Attacked: A Closer Look at the Hackers and How to Protect Your Investments

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According to reports, the official tweet from DEX Safemoon on the BNB chain said that it was attacked by hackers earlier today. According to BscScan\’s online data, nearly $8.9 mill

DEX Safemoon Gets Attacked: A Closer Look at the Hackers and How to Protect Your Investments

According to reports, the official tweet from DEX Safemoon on the BNB chain said that it was attacked by hackers earlier today. According to BscScan’s online data, nearly $8.9 million of assets were transferred out of the liquidity fund pool. According to Peckshield, a security company, a recent update may have introduced a “public destruction bug” that facilitates hacker attacks. （TheBlock）

DEX Safemoon on the BNB chain has just been hacked, losing $8.9 million

Recently, DEX Safemoon, a decentralized exchange running on the Binance Smart Chain (BNB) network, issued an official statement stating that they had been hacked. This comes as a huge blow to the platform and its users, as nearly $8.9 million worth of assets was lost in the attack. According to Peckshield, a security firm, the vulnerability that allowed the hackers to gain access to the funds was due to a “public destruction bug” in the system. In this article, we will take a closer look at the incident, delve into the technical details of the attack, and explore ways to protect your investments.

The Attack on DEX Safemoon

On May 28th, DEX Safemoon tweeted that they had suffered a “flash loan attack,” which allowed the hackers to gain control of the liquidity fund pool. This meant that the hackers were able to withdraw almost $9 million worth of cryptocurrencies from the platform in a matter of minutes, leaving the exchange depleted of funds. The platform also stated that they had disabled trading on their platform to prevent further damage and had been working on resolving the issue.

The Public Destruction Bug

According to Peckshield, a recent update to the DEX Safemoon code introduced a vulnerability that allowed the hackers to exploit the system. This vulnerability was identified as a “public destruction bug,” where attackers can destroy tokens within smart contracts through special transactions. Attackers can delete tokens or manipulate prices, leading to a significant financial loss to users. Peckshield urges decentralized exchanges to perform security audits and code review to identify and mitigate vulnerabilities.

Protecting Your Investments

Users of decentralized exchanges are always at risk of hacks and vulnerabilities that can lead to the loss of their investments. As an investor in the world of digital assets, it is important to always be vigilant and take the necessary measures to protect your investments. Here are some tips on how to secure your assets:

Use Strong Passwords

One way to secure your investments is to use a strong and unique password. Never use the same password for multiple accounts, and avoid using simple and predictable passwords that hackers could easily guess.

Enable 2FA Authentication

Two-factor authentication (2FA) adds an extra layer of security to your accounts by requiring two forms of verification. This feature can prevent unauthorized access to your accounts, such as in the case of a stolen password.

Keep Your Private Keys Safe

Private keys are used to access your digital assets, and they must be kept safe and secure. Store your keys in a hardware wallet or a secure offline storage device, and never share them with anyone.

Choose Reliable and Secure Platforms

When selecting a decentralized exchange, it is essential to choose a reliable and secure platform. Do your research and read reviews from other users to ensure that the platform has a high level of security and a track record of reliability.

Monitor Your Accounts

Always monitor your digital asset accounts regularly to identify any suspicious activity. If anything seems out of place, contact the platform’s support team immediately.

Conclusion

The recent attack on DEX Safemoon highlights the importance of securing digital assets and the need for security audits within decentralized exchanges. As an investor, taking the necessary measures to keep your investments safe should always be a top priority. By using strong passwords, enabling two-factor authentication, keeping private keys safe, choosing reliable platforms, and monitoring your accounts, you can better protect your digital assets from potential hacks and vulnerabilities.

FAQs

Q1. What is a flash loan attack?

A flash loan attack is when a hacker takes out a loan on a decentralized finance platform and uses that loan to manipulate the price of assets, leading to personal gain.

Q2. What is a public destruction bug?

A public destruction bug is a vulnerability that allows attackers to destroy tokens within smart contracts through special transactions, leading to significant financial loss.

Q3. What should I do if I suspect my account has been hacked?

If you suspect that your account has been hacked, immediately contact the platform’s support team and change your passwords. If possible, move your assets to a different account or platform to prevent further damage.

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