Cryptocurrency Platforms Exactly Protocol and Harbor Protocol Suffer Major Security Breaches

Home » Cryptocurrency Platforms Exactly Protocol and Harbor Protocol Suffer Major Security Breaches
Cryptocurrency Platforms Exactly Protocol and Harbor Protocol Suffer Major Security Breaches
In a series of recent cyberattacks on cryptocurrency platforms, both Exactly Protocol and Harbor Protocol fell victim to security breaches, resulting in significant losses for their users. The incidents have raised enterprises within the crypto community about the security of decentralized finance( DeFi) platforms and the need for better safeguards against similar attacks.

Exactly Protocol's Security Issue

Decentralized finance platform Exactly Protocol became the target of a cyberattack, egging the platform to break its operations temporarily. The attackers managed to steal a substantial quantum of cryptocurrency, with original estimates putting the losses at around $ 12 million worth of Ethereum( ETH) coins. even so, blockchain security enterprises suggested that the factual figure might be near $ 7 million. Exactly Protocol verified that it was working to resolve the issue and recover the stolen means. The company also blazoned a collaboration with Chainalysis and other security experts to identify the attackers and take applicable measures. A price of $ 700,000 was offered for information leading to the apprehension of the hackers. Users expressed frustration at the lack of information and translucency regarding the incident.

Harbor Protocol's Cyberattack

Harbor Protocol, a DeFi tool created by crypto company ComDex, reported its own cyberattack shortly after the Exactly Protocol breach. The platform bared that finances were drained from its system, but the extent of the losses remained unclear. Harbor Protocol’s platoon expressed the ability to engage with the attackers to find a result that would minimize the impact on users and the community. still, users on the platform’s Telegram channel blamed the lack of communication and translucency girding the situation. This incident marked the alternate security breach for Harbor Protocol this time, as the platform preliminarily endured vault liquidations in June.

Growing Enterprises in the Crypto Community

The recent breaches at Exactly Protocol and Harbor Protocol emphasize the vulnerabilities within the DeFi space. These incidents have raised questions about the security measures employed by similar platforms and the need for bettered communication during and after cyberattacks. The broader crypto geography has also been marred by cyberattacks, with Vyper, a prominent Web3 programming language, falling victim to hackers who stole over 61 million in cryptocurrency. especially, the Lazarus hacking group from North Korea has been linked to several major attacks on crypto platforms, allegedly using stolen crypto to fund its nuclear armaments program. According to blockchain security establishment PeckShield, the first half of 2023 witnessed 395 significant cyberattacks on crypto platforms, performing nearly $ 500 million in stolen finances. Alarmingly, the vast maturity of these attacks targeted DeFi platforms.

As the crypto assiduity continues to evolve, the recent security breaches serve as a stark memorial of the significance of robust cybersecurity measures and transparent communication within the community. Investors and druggies are decreasingly looking to platform inventors and security experts to address these challenges and enhance the overall security of the ecosystem.

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Theodore Lee

2023-08-25 14:50:50