Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Good News From Altcoin Project That Suffered Millions Of Dollars Hack Attack

Good News From Altcoin Project That Suffered Millions Of Dollars Hack Attack

BitcoinsistemiBitcoinsistemi2024/11/17 08:22
By:Mete Demiralp

Good news finally came from the cryptocurrency project that was recently subjected to a major hack attack. Here are the details.

Thala, a DeFi project operating within the Aptos ecosystem, has announced a successful resolution following a recent security breach that resulted in the theft of $25 million worth of assets.

The project confirmed that it had negotiated with the attacker and accepted a $300,000 bounty in exchange for the full recovery of user assets.

The attack occurred due to a vulnerability in Thala’s V1 liquidity pool contract, which attackers used to siphon user funds. In response, Thala immediately suspended all related contracts and froze token assets, including $9 million in MOD and $2.5 million in THL, to mitigate further risk.

Related News Former Binance CEO CZ's New Cryptocurrency Project Hack Shock: Links It Shared Should Not Be Clicked

With the cooperation of security forces, cybersecurity firms such as Seal 911 and Ogle, and other partners, Thala was able to identify the attacker and initiate negotiations.

Thala assured his community that there is no need for any action from affected users as all affected positions will be restored 100%. However, the platform’s contracts and frontend will remain suspended until comprehensive security audits confirm their security.

The team said:

“Our top priority is the security of user assets and the restoration of trust in our platform. We will ensure that all necessary precautions are taken before resuming operations.”

*This is not investment advice.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

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.

The Block2024/11/21 16:11

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.

The Block2024/11/21 16:11

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.

The Block2024/11/21 16:11