DEXX platform suffers a major cyber attack, causing turbulence in the Meme market

On the night of November 16, a certain decentralized trading platform suffered a severe cyber attack, resulting in the illegal transfer of a large amount of user assets. Preliminary estimates suggest that the losses could reach as high as 100 million USD. Security experts have pointed out that user private key information has been leaked, but the specific method is still under investigation. This incident has dealt a significant blow to the active on-chain Meme market, rekindling concerns about the security of on-chain assets.

Latest Developments in the Event

The platform occupies an important position in the Meme field, providing trading, liquidity, launch, staking, and lending services for Meme tokens, and has built a complete Meme financial ecosystem. Its daily trading volume ranks among the top in DEXs over the long term.

According to preliminary investigations, the scale of the stolen funds has reached over 100 million yuan, and the hackers are still continuously transferring user assets. Technical analysis shows that there are serious security vulnerabilities in the platform:

1. Non-custodial platform but records user private keys
2. The private key was transmitted in plain text without encryption measures during export.

The platform founder Roy responded on social media: "Due to special reasons, we cannot synchronize updates at the moment. Please give us some time to handle it." Previously, the official statement indicated that the team is working hard to resolve the issue and is not absconding. Roy stated that he would compensate users for their losses and has isolated some users.

However, as the amount stolen continues to increase, users' trust in the platform has plummeted to an all-time low, and they generally do not believe they will receive compensation. The community has discovered that private keys can be viewed in plaintext through developer tools, which means that users' private keys are actually stored on the official servers.

Impact on the Meme Market

According to market data, Meme coins such as BAN, LUCE, and PNUT have experienced varying degrees of decline:

• BAN fell by about 30%
• LUCE fell by about 20%
• PNUT fell by about 12.5% at most.

It is worth noting that the hacker attack is not over. As of the 17th, at least $13 million has been confirmed stolen, but the actual losses may far exceed this amount. In addition to stablecoins, a large number of recently popular Meme coins such as BAN, Pnut, BITCAT, etc. have also been stolen.

Currently, the hackers have not transferred the stolen funds. The security team has analyzed about 2,800 victim addresses and more than 9,000 stolen transactions, with the funds still stored in addresses controlled by the hackers. This situation poses a potential threat to the Meme market, which may lead to some Meme coins dropping to zero, impacting the vitality and confidence of the entire cryptocurrency market.

Fund Security Recommendations

In light of the recent frequent security incidents, users should take the following measures to protect their assets:

1. Use a hardware wallet to store main assets
2. Decentralized asset storage to avoid concentrated risks
3. Choose a decentralized custody solution, such as a multi-signature wallet.
4. Review the security measures of the exchange or platform
5. Consider purchasing crypto insurance or participating in decentralized risk hedging.

In addition, users should also pay attention to:

• Be cautious with recommendations from others and conduct in-depth research on product mechanics.
• Choose reputable tools and platforms
• Be wary of online scams, do not click on unknown links
• Transfer funds to your controlled wallet in a timely manner after large transactions.

In the current bull market, the Meme sector has become a hotspot for wealth creation. However, frequent security incidents remind us that while chasing high returns, we must always remain vigilant and ensure asset safety. It is recommended that investors reassess their asset allocation and security strategies to prepare for potential risks.