Mozaic

Token

2024

Million

<p>The post <a href="https://coinpedia.org/news/mozaic-fis-private-key-theft-leads-to-2-1-million-loss-token-drops-by-75/">Mozaic Hack: Insider Steals $2.1 Million, Moz Price Plummets by 75%</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Are you prepared for a jaw-dropping revelation?!</p> 
<p><a href="https://coinpedia.org/news/crypto-hackers-bag-200m-over-12-attacks-in-february-pushing-yearly-losses-to-67m/">Mozaic FI,</a> a major player in the crypto world, has just admitted to a massive theft. Around $2 million in cryptocurrency has vanished from its vaults, and the culprit’s identity is shocking.</p> 
<p>A closer look at the security breach reveals a startling truth. It turns out that the thief was actually a Mozaic developer! Using a loophole in the security system, this insider managed to nab private keys by accessing a core team member’s data.</p> 
<p>What’s been going on in the crypto world recently and are you safe? Read on to find out. </p> 
<h2 class="wp-block-heading" id="h-cyber-alert">Cyber Alert! </h2> 
<p>Cybers Alerts, a trusted Web 3 security firm, sounded the alarm bells. They pointed out that Mozaic_Fi’s lax access control on the Arbitrum network paved the way for this hack. The thief made off with a staggering $2.1 million, funneling it straight to the MEXC exchange. Fortunately, steps are in place to recover the stolen funds.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">ALERT<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Today, <a href="https://twitter.com/Mozaic_Fi?ref_src=twsrc%5Etfw">@Mozaic_Fi</a> experienced a hack due to a loss of access control on <a href="https://twitter.com/hashtag/Arbitrum?src=hash&amp;ref_src=twsrc%5Etfw">#Arbitrum</a>. Our system detected multiple unauthorized transactions in real-time!<br>Attacker has drained around $2.1M from vaults and transferred them to <a href="https://twitter.com/MEXC_Official?ref_src=twsrc%5Etfw">@MEXC_Official</a> <br>Currently, funds are in custody… <a href="https://t.co/erz4DNsnBF">pic.twitter.com/erz4DNsnBF</a></p>— 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Cyvers Alerts 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1768657898148622516?ref_src=twsrc%5Etfw">March 15, 2024</a>
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<p>Also Read: <a href="https://coinpedia.org/news/from-fake-airdrops-to-rug-pulls-a-roundup-of-this-weeks-major-crypto-hacks/">Crypto Hacks of the Week: Breaches, Scams, and Rug Pulls Rock the Market</a></p> 
<h2 class="wp-block-heading" id="h-mozaic-jumps-into-action"><strong>Mozaic</strong> Jumps Into Action </h2> 
<p>Mozaic carried out a speedy resolution of the exploit upon knowing of the breach as notified by its security counterparts, including Hypernative and others. As the funds were tracked back and forth among exchanges, it was known that 90% of funds were transferred to centralized exchange MEXC and the remaining to <a href="https://coinpedia.org/news/binance-revamps-token-listing-rules-amid-regulatory-scrutiny-aiming-for-improved-safety/">Binance</a>, after which the CEX froze them.</p> 
<h2 class="wp-block-heading" id="h-market-impact"><strong>Market Impact</strong></h2> 
<p>Amidst the chaos, an institutional investor panicked and sold off a large MOZ holding, triggering a domino effect of selling. This sent the price of $MOZ crashing down.</p> 
<p>Peckshield has <a href="https://twitter.com/PeckShieldAlert/status/1768589689051828574">reported</a> that the token fell more than 75% post the hack and is currently trading at $0.4491 at the time of writing. It was sad to see the price dropping as Mozaic had just recently celebrated its TVL, which had crossed $ 2 million in value.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/Slippage?src=hash&amp;ref_src=twsrc%5Etfw">#Slippage</a> Our community contributor has detected that <a href="https://twitter.com/search?q=%24MOZ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MOZ</a> <a href="https://twitter.com/hashtag/Mozaic?src=hash&amp;ref_src=twsrc%5Etfw">#Mozaic</a> has dropped -75% <a href="https://t.co/5VCrC5yRaM">pic.twitter.com/5VCrC5yRaM</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1768589689051828574?ref_src=twsrc%5Etfw">March 15, 2024</a>
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<p>Despite the setback, Mozaic FI wants to assure everyone that key assets like the MOZ/xMOZ token and vault contracts remain safe and secure.</p> 
<p>Read More: <a href="https://coinpedia.org/price-analysis/10-must-have-altcoins-to-amplify-your-portfolio-before-the-next-crypto-surge/">10 Must-Have Altcoins to Amplify Your Portfolio Before the Next Crypto Surge!</a></p> 
<p><strong>Mozaic claims core functions are secure. Can they rebuild trust after this exploit?&nbsp;</strong></p>

Mozaic Hack: Insider Steals $2.1 Million, Moz Price Plummets by 75%

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