DEXX suffers a major cyber attack, with user assets being stolen on a large scale.

According to the latest data, as of November 17, the discussion volume for BTC last week was 18.23K, down 13.67% from the previous week, with a price of $91,956, up 13.2%. The discussion volume for ETH was 4.27K, down 26.98%, with a price of $3,134, down 2%. The discussion volume for TON was 777, down 3.63%, with a price of $5.52, slightly up 0.2%.

On the night of November 16, a 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 tens of millions of dollars, potentially exceeding one hundred million dollars. Web3 security expert Yu Sen pointed out that user private key information has been leaked, but the specific leakage channel is still under investigation. This incident has once again sounded the alarm for the security of on-chain assets and has dealt a heavy blow to the recently active Meme market.

Latest Developments in the Event

This trading platform holds an important position in the Meme coin field, providing specialized Meme token trading, liquidity, and related financial services, thereby building a complete Meme ecosystem. The platform's daily trading volume ranks high among DEXs and is hailed as the "leader" in the Meme coin market.

Preliminary investigations show that the scale of the stolen funds has reached over 100 million yuan, and hackers are still continuously transferring user assets. Technical analysis has revealed serious security vulnerabilities on the platform:

1. Non-custodial platforms record users' private keys, making it easy for hackers to access them after a system attack.
2. When users export private keys, they are transmitted in plaintext, making it easy for hackers to intercept.

The platform's founder Roy responded that due to special reasons, he is temporarily unable to provide detailed information about the situation and asks for more time to address it. Previously, the official statement indicated that they are working hard to resolve the issue and promised to compensate users for their losses.

However, as the amount stolen continues to increase, most users are skeptical about the platform's compensation promises, and the platform's reputation has plummeted. Some users have discovered that the platform presents the private key in plaintext when exporting it, meaning that users' private keys are actually stored on the official servers. Even with HTTPS transmission, direct transmission of private keys may lead to data leaks due to browser vulnerabilities and other issues.

Impact on the Meme Market

After the incident, multiple Meme tokens experienced varying degrees of decline:

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

It is worth noting that 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 popular Meme coins such as BAN, Pnut, BITCAT, etc. have also been stolen. Experts warn that Meme coins with lower liquidity carry higher risks.

The security team Beosin Alert stated that the hackers have not yet transferred the stolen funds. They have collected about 2,800 victim addresses and analyzed over 9,000 stolen transactions. The stolen funds are still stored in an address controlled by the hackers, with no signs of transfer.

This means that the hacker's ultimate intention is still unclear, and a sudden sell-off could trigger severe market fluctuations. This event could deal a serious blow to the entire Meme market and even the cryptocurrency ecosystem, affecting investor confidence.

Fund Security Recommendations

In light of the recent frequent security incidents in the Meme sector, investors should take the following measures to protect their assets:

1. Use hardware wallets to store major assets, such as Ledger, Trezor, etc.
2. Diversify funds by storing them in multiple wallets to avoid concentration risk.
3. Choose a verified decentralized custody solution, such as a multi-signature wallet.
4. Review the security of the exchange and understand its fund custody mechanisms.
5. Consider purchasing crypto insurance or participating in decentralized risk hedging.

Other security tips:

• Be cautious about recommendations from others and thoroughly research the product mechanism.
• Choose reputable and stable automation tools.
• Be wary of scams on social media platforms and do not click on unknown links.
• Transfer funds to a self-controlled wallet promptly after large transactions.

Finally, it is recommended to study "The Dark Forest Survival Manual for Blockchain" to enhance security awareness. In the world of blockchain, security is always the top priority.