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Gungun Bhatia
Oct 27, 2022
by Gungun Bhatia

UvToken Hacked For $1.45 Million During Recent Cryptocurrency Exploit

UvToken

Table of contents

  1. UvToken Acknowledges the Exploit
  2. Mango Markets Hit By $100 Million Exploit
In a cyber attack, multi-chain crypto wallet UvToken breached for 5,011 BNB tokens ($1.45 million), transferred to the sanctioned crypto mixer Tornado Cash. There have been several hacks and exploits this month, and October appears to be a significantly hard month for DeFi projects. According to security companies Ancilia and Peckshield, the event happened on the BNB Chain blockchain on Thursday morning around 1 AM ET.

UvToken Acknowledges the Exploit

PeckShield informed the news sources that the attacker probably profited from the UvToken staking contract's inability to adequately authenticate input data. The business highlighted that the contract could have included a logical flaw that enabled the hacker to conduct a fraudulent call and grab the staked monies.

This month the most recent breach adds to the series of vulnerabilities affecting the cryptocurrency industry. In October, the cryptocurrency industry has seen several security flaws, such as a $100 million hack of BSC Token Hub and a $114 million attack on Mango Markets, among other occurrences.

Mango Markets Hit By $100 Million Exploit

Recently, a hack costing over $100 million occurred at Mango Markets, a Solana-based decentralized finance (DeFi) exchange with headquarters in California. In order to make it possible to get uncollateralized bitcoin loans, the attacker altered price oracle data. A blockchain security firm, OtterSec, stated that the exchange had lost over $100 million, consequently, the hacker misrepresented the value of their Mango (MNGO) native token collateral when they borrowed a significant amount of money from Mango's treasury.

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PeckShield UvToken Cryptocurrency Exploit Ancilia
UvToken Hacked For $1.45 Million During Recent Cryptocurrency Exploit
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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