Blockchain security firm SlowMist, has linked more than 8,620 Solana wallets to the $30 million hack of the memecoin trading platform DEXX.
This revelation, confirmed by SlowMist, highlights the scale and complexity of the exploit that targeted at least 900 users.
DEXX Hack Linked to Solana Wallets is Largest November Hack After Thala
The breach, first reported on Nov. 16, initially accounted for $21 million in losses, making it the second-largest hack of November 2024, after Thala’s $25.5 million incident.
However, SlowMist founder Cos later revised the DEXX loss estimate to $30 million, citing memecoin price fluctuations as a factor.
According to MistTrack data, most users suffered losses under $10,000, but one individual lost over $1 million. The stolen assets were swiftly converted into Solana tokens, complicating recovery efforts.
In the aftermath, DEXX took proactive measures to mitigate the damage. The platform offered a bug bounty and token rewards to incentivize the hacker to return the funds. However, despite public and on-chain pleas, the hacker has not responded.
Bruce, DEXX’s operations director, stated that the team is actively upgrading security protocols, negotiating compensation plans, and working with SlowMist and law enforcement. Still, reimbursement depends on recovering a portion of the stolen funds.
SlowMist has also announced plans to publish suspicious wallet addresses linked to bad actors on Ethereum, BNB Chain, and Base networks in the coming week, signaling the potential involvement of cross-chain actors.
A Broader Pattern of Crypto Hacks
Hacks, fraud, and rug pulls remain a pressing issue in the cryptocurrency industry. Earlier in 2024, several high-profile incidents revealed the vulnerability of the cryptocurrency sector, showcasing the devastating impact of sophisticated cyberattacks.
In October, Radiant Capital fell victim to a $50 million hack when attackers infiltrated smart contracts, exploiting weaknesses in multisig wallets on the Binance BNB Chain and Arbitrum.
Most recently, on Nov. 28, the XT Exchange was the latest to join the growing list of victims. Hackers exploited a critical flaw, siphoning off $1.7 million worth of digital assets.
The exchange is currently investigating the breach in collaboration with blockchain security firms and law enforcement, aiming to recover funds and reassure its users.
Just a month prior, BingX experienced a $52 million breach after hackers accessed its hot wallets on Ethereum, Binance Smart Chain, Avalanche, and in this case Solana. The stolen assets, including ETH and USDT, were swiftly laundered through decentralized exchanges, making recovery difficult.
The vulnerability of multisig wallets was again highlighted in July when WazirX suffered a $230 million theft.
The attack targeted SHIB, ETH, and MATIC assets, forcing the exchange to halt withdrawals and commit to user compensation while cooperating with law enforcement to track the stolen funds.
With $71 million stolen in November alone, crypto theft in 2024 has reached $1.48 billion, despite a 15% decline from the previous year.
These incidents underline the persistent threat hackers pose to the cryptocurrency ecosystem, highlighting the urgent need for enhanced security measures and regulatory oversight.
