- GeoDB has recently faced a massive attack where hackers stole 4 million GEO tokens
- According to the announcement, the hackers had targeted the ETH-BTC bridge smart contract of the project
- The bridge has been suspended and the GeoCash platform is under maintenance
- The team behind the project assured that trading GEO tokens are still safe
- The hackers have used Binance market to move the funds
GeoDB or the GeoDataBlock has been considered as a hidden gem altcoin with heavy potential. The cryptocurrency project is at the forefront of addressing some of the major inefficiencies in the $260 billion big data industry. Over the past years, the project is building itself quietly, and now is rolling out some exciting products. However, in recent times we are observing several cryptocurrency exchanges and projects are being attacked. Simultaneously, the GeoBlockData’s Ethereum Bitcoin bridge contract was attacked recently. The team behind the project revealed via a tweet that on Saturday at 5 am CET, GeoDB’s ETH-BTC bridge contract was attacked.
4 million GeoDB tokens were stolen
In a recent hack GeoDB hackers laundered 4 million tokens. According to the team behind the project, GeoDB’s Ethereum-Bitcoin bridge contract was attacked. However, it is revealed that the stolen cryptocurrencies were dumped on decentralized exchanges (DEXs). Such decentralized crypto assets exchanges include Uniswap and PancakeSwap.
According to the announcement, 0xd66a9967949ae20eb8b2c1922b84fbf69bbc76cf was the malicious actor’s address on the Ethereum blockchain and Binance Smart Chain. However, the project owners claimed that they had taken all the necessary steps. Moreover, they also clarified that trading GEO, GeoDB’s native cryptocurrency, is still safe.
ETH-BTC bridge has been halted
Following the attack, the team behind GeoDB suspended the Ethereum Bitcoin bridge smart contract. However, other services were still working actively. Notably, although the GeoCash product of the cryptocurrency project was safe the devs turned under maintenance on. In another tweet, the platform revealed that the GeoCash app will remain under maintenance for the time being. However, the team is yet to publish more technical details of the exploit.
How the hacker moved funds
After the exploit, the company traced the funds stolen illegally. Later it was announced that the illicit players had used Binance crypto assets exchange to move the funds. And 0xAB55Eee64E54f25be6efF5D89039d2cdF30dC235 was the hacker’s Binance wallet address. Hence, the team was working on connecting with the Binance Help Desk. However, more information about the hack is yet to be revealed by the firm.