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PeckShield says hackers drained $4.8M from the ZB.com exchange

PeckShield says hackers drained $4.8M from the ZB.com exchange
PeckShield says hackers drained $4.8M from the ZB.com exchange

PeckShield, a blockchain security company, reported that around $4.8 million worth of cryptocurrencies were transferred from ZB.com as the exchange announced it would suspend withdrawals.

PeckShield says hackers drained $4.8M from ZB.com

On Wednesday, PeckShield tweeted that hackers could be responsible for transferring 21 types of cryptocurrencies from the exchange. The draining for these assets started on Monday, with the assets affected, including Tether (USDT) and Shiba Inu (SHIB). The blockchain investigating company said the total funds transferred totaled around $4.8 million.

The suspected hack on these protocols came after the ZB.com exchange announced it would suspend deposits and withdrawals to respond to the failure of some primary applications. The exchange further warned that users should not deposit cryptocurrency before the price recovers.

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ZB.com claims to be the most secure cryptocurrency exchange globally. The exchange was founded in 2013 and existed under the name CHBTC.com as per its website. ZB.com initially had its headquarters in China. It later suspended its operations in September 2017 after the local regulators banned cryptocurrency exchanges.

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Hacks in the cryptocurrency sector

The cryptocurrency sector has been a victim of persistent hacks in recent months. Multimillion-dollar hacks have resulted in massive losses for crypto investors. In June, the Horizon Bridge suffered a $100 million exploit. Horizon is a cross-chain bridge that facilitates the transfer of tokens from the Harmony blockchain and the other cryptocurrency networks.

Earlier this week, hackers managed to drain $200 million worth of cryptocurrencies from the Nomad token bridge, further adding to the amount of crypto stolen from decentralized finance (DeFi) protocols.

The latest attack happened on Solana wallets. The exploit was reported on August 3, with users on crypto Twitter reporting that hackers had accessed their funds through an exploit targeting Solana-based wallets.

The issue with the exploit on these Solana wallets is still under review. The Solana status Twitter account said that 7767 wallets based on mobile and browser extensions had been affected, with nearly $8 million being drained from these wallets.

Solana Status, and the co-founder of the Solana blockchain, Anatoly Yakovenko, have said that an issue with the Solana protocol did not cause the loss of funds from this wallet. Instead, the problem seems to have originated from the Slope wallet provider. Solana wallet users have also been advised to regenerate a new seed phrase to prevent further losses.

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