Ethena Labs exploited for $290k on Binance Launchpool
Ethena Labs fell victim to an exploit resulting in the loss
of 480 BNB tokens valued at $290,000 on the Binance launch pool for farming.
The specific vulnerability behind the exploit remains undisclosed. On-chain
security firm PeckShield flagged the incident at 8:31 a.m. UTC on March 29, as
reported in a post on X platform.
Prior to the exploit, Ethena Labs introduced its $ENA token
to the Binance launchpool on March 29, allowing users to farm the token by
staking BNB or FDUSD. Notably, Ethena Labs had recently launched its USDe
synthetic dollar on the public mainnet on Feb. 19. The platform had gained
significant traction, becoming the highest-earning decentralized application
(DApp) in the crypto space on March 8, offering investors an annual percentage
yield (APY) of 67%.
While the monetary impact of this exploit is relatively
smaller compared to other crypto hacks, it occurred shortly after the Prisma
Finance hack, which totaled over $11 million on March 28.
Crypto hacks continue to plague the industry, undermining
investor confidence. According to blockchain security firm Immunefi, over $200
million worth of crypto has been lost to hacks and rug pulls in 2024 across 32
individual incidents as of Feb. 29. This represents a 15.4% increase compared
to the same period in 2023, when $173 million in digital assets were stolen.
In 2023, a staggering $1.8 billion was lost to crypto hacks
and scams, with 17% of the total attributed to the North Korean Lazarus Group,
as per a Dec. 28 report by Immunefi.
It's worth noting that funds hacked in 2024 have seen a
15.4% increase compared to the same period in 2023, according to Immunefi.
This remains a developing story, and additional details will
be provided as they become available.
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Leave A Comment
5 Comments
CryptoEnthusiast89
29 Mar 2024This is incredibly disheartening to hear. It's crucial for platforms like Ethena Labs to prioritize security measures to protect user funds. Hopefully, they can quickly identify the vulnerability and implement necessary fixes to prevent future exploits.
SecureInvestor23
29 Mar 2024As someone who invested in Ethena Labs, this news is troubling. Security breaches like this underscore the importance of thorough auditing and constant vigilance in the crypto space. I hope affected users can be reimbursed and that the platform learns from this incident to bolster its defenses.
TechSavvyTrader
29 Mar 2024The frequency of these hacks is alarming. It's clear that the crypto industry needs stronger regulatory frameworks and better security practices to combat these threats effectively. Investors should also exercise caution and conduct thorough research before engaging with any platform.
DecentralizedDreamer
29 Mar 2024It's frustrating to see hackers continually exploit vulnerabilities in the crypto ecosystem. While decentralization offers many benefits, it also presents unique challenges in terms of security. We need innovative solutions to stay ahead of these threats and protect user assets.
Anonymous
29 Mar 2024Another day, another hack. It's becoming increasingly difficult to trust platforms in the crypto space. Until better security measures are put in place industry-wide, investors should proceed with caution and remain vigilant against potential risks.