AI Network Masa Confirms MASA Token Exploit on the Base Blockchain
- Masa has confirmed that it was recently hacked twice.
- The development came after observers raised concerns about the project’s silence.
- A blockchain detective accused the project of covering up the first incident.
Masa, the decentralized network for Fair AI, has confirmed that its utility token MASA was recently exploited twice.
The development came after blockchain detective ZachXBT confronted the project’s team on X on Friday, asking it to explain to the community why it didn’t disclose a “six-figure” hack that happened on September 20. According to ZachXBT, the network likely thought it had contained the hack and covered it up as an upgrade before suffering the second attack on October 17.
Masa Acknowledges Hacking Reports
In an X post on Saturday, Masa’s team acknowledged that it experienced two security incidents on September 20 and October 17, as industry observers had earlier alleged.
Sponsored
While the team didn’t give in-depth details about the second incident, it said it took “immediate steps” to contain the September 20 attack and launch an investigation before engaging an external cybersecurity firm and reporting the matter to the Federal Law Enforcement Agencies.
“The impact is limited to MASA on the Base blockchain. We are not aware of any issues with MASA on the BNB or Ethereum blockchains. Additionally, MASA staked on ETH is currently locked until the staking contract migration is complete.” The team wrote.Noting that the incidents “have not had a material impact” on Masa’s business continuity, the team promised affected users that it would credit their MASA tokens on a new contract and issue further updates on the hacks when additional information is available.
Meanwhile, Masa urged its users to avoid trading MASA tokens on Base on Uniswap, Aerodrome, or any other decentralized exchange. The team also cautioned about bridging the token to or from Base to Ethereum or BNB Chain.
Read how Radiant Capital was hacked for $50 million:
Radiant Capital Suffers $50M Loss in Second Major Hack
Stay updated on EigenLayer’s move to recover millions in stolen tokens:
EigenLayer Engages Law Enforcement to Recover Millions in Stolen Tokens
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MARA's stock jumps after raising $1 billion via convertible notes to buy more bitcoin
MARA Holdings announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030.The bitcoin miner plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The remaining funds will be used to acquire more bitcoin.
Gold loses luster as institutional demand fuels bitcoin price surge, analysts say
Bitcoin’s 46% surge over the past month, contrasted with gold’s 3% decline, highlights a shifting investor preference toward alternative store-of-value assets, analysts say.Derivatives traders are buying up bitcoin call options ahead of Trump’s inauguration, signaling strong bullish sentiment for the beginning of 2024.
SEC is 'engaging' Solana ETF applicants: report
SEC “engaging” on Solana ETF applications, sparking optimism for potential approval in 2025.VanEck, 21Shares, and Bitwise lead Solana ETF filings amid pro-crypto White House hopes.SOL token rises 4.6% to $247.91, bolstered by Solana’s strong DeFi ecosystem and demand.
Shiba Inu Developer Says SHIB Is No Longer a Memcoin