Platypus Finance

Shell Protocol

Tornado Cash

Orion

Mango

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Shell Protocol’s account was promoting fake airdrops and seemed to be controlled by bad actors.&nbsp;&nbsp;</a> </li> 
 <li> <span>2</span> <a>The hack of Shell Protocol was confirmed once hackers started posting tweets of airdrops which appeared to be a scam.&nbsp;&nbsp;&nbsp;</a> </li> 
</ul> 
<p>Crypto hacks are becoming quite common nowadays, and from the point of view of bad actors, it is one of the most popular ways to become richer in a short duration.&nbsp;</p> 
<p>According to the Twitter post of Alex Svanevik, the Chief Executive Officer of Nansen, bad actors breached the PleasrDAO account and took control of it on July 19, 2023.&nbsp;</p> 
<p>As per other market and on-chain watchers, the bad actors have also hacked the account of Shell Protocol. However, the PleasrDAO account has not been creating posts very often,due to which there is limited information available on how hackers are using its account to perpetrate attacks.&nbsp;</p> 
<p>The hack of Shell Protocol was confirmed once hackers started posting tweets of airdrops, which appeared to be a scam. Moreover, the community is trying to trace the bug which provided a path for hackers to hack its account. </p> 
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  <img decoding="async" loading="lazy" width="597" height="527" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-159.png" alt="DeFi Hit by Crypto Hacks: Shell Protocol &amp; PleasrDAO Breached" class="wp-image-153055" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-159.png 597w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-159-300x265.png 300w" sizes="(max-width: 597px) 100vw, 597px"> 
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<p>&nbsp;&nbsp;&nbsp;&nbsp;Source: Screenshot of Shell Protocol Twitter account promoting fake airdrops. &nbsp;</p> 
<p>A Twitter user also claimed that hackers had successfully cloned the website of Shell and had attached the link in the tweet promoting airdrops. Clicking on the malicious link could result in massive theft.&nbsp;</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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  <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a0.png" alt="⚠" class="wp-smiley" style="height: 1em; max-height: 1em;">DO NOT interact with Shell Protocol's Twitter.<br><br>Comments are off.<br><br>The profile is hacked. (same for founder's Twitter)<br><br>The website was cloned to a freshly registered domain (11th July).<br><br>Interacting with the so-called CLAIM will toast you. (malicious IncreaseAllowance) <a href="https://t.co/aUmdJVms2D" rel="noopener noreferrer nofollow">pic.twitter.com/aUmdJVms2D</a></p>— Realistik (@RealistikLoL) <a href="https://twitter.com/RealistikLoL/status/1681431576662401025?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 18, 2023</a> 
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<h2 class="wp-block-heading" id="strong-crypto-hacks-in-2023-strong"><strong>Crypto Hacks in 2023</strong></h2> 
<p>Dozens of blockchain analysis firms claim that 2022 was one of the worst years regarding crypto hacks and scams. Fortunately, the percentage of crypto hacks has slipped since the beginning of 2023.</p> 
<p>In 2022, crypto-hack masterminds wiped out $3.8 billion from the industry. In the first quarter of 2023, hackers managed to steal over $320 million from the crypto industry, according to blockchain security firm CertiK. Although these losses were lower compared to 2022’s first and fourth quarters, they were still significant.&nbsp;&nbsp;&nbsp;</p> 
<p>One of the reasons assumed for the fall in hacks&nbsp; is the sanction of the cryptocurrency miner <a href="https://thecoinrepublic.com/2023/07/09/everything-to-know-about-tornado-cash-its-deposits-and-withdrawal/" rel="noopener noreferrer nofollow">Tornado Cash</a> by the U.S. Treasury. Additionally, the arrest of P.F. and charges against Mango Market’s exploiter Avraham Eisenberg have discouraged hackers.</p> 
<p>On March 9, 2023, DefiLlama revealed that <a href="https://www.thecoinrepublic.com/2023/02/20/defi-protocol-platypus-de-pegged-after-flash-loan-attack/" rel="noopener noreferrer nofollow">Platypus Finance</a> was attacked by flash loans resulting in a $8.5 million loss. The report highlighted six more hacks that affected the firm in the previous month.</p> 
<p>According to U.S. Blockchain analysts, scammers wiped around $1.3 billion from cryptocurrencies, and 97% was from DeFi platforms in the previous year.</p> 
<p>On February 2, Orion Protocol suffered a $3 million loss due to a reentrancy issue on its core contract. According to the tweet, attackers used malicious smart contracts to drain targeted users’ funds through repeated withdrawal orders.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer&nbsp;</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

DeFi Hit by Crypto Hacks: Shell Protocol & PleasrDAO Breached

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