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During the early hours of the Asian trading session, the cryptocurrency market experienced a surge in activity, with notable gains across various digital assets. However, amidst this bullish sentiment, the Hedgy platform found itself grappling with a massive security breach, as disclosed by on-chain analytics firm Cyvers Alerts. Security breach on Hedgy platform 
According to Cyvers Alerts’ post on X (previously Twitter), a suspicious wallet address, “0xc7241e27ee4b8d32b59a10e848b48530047a8c5b,” was involved in multiple transactions on the ARB chain, resulting in the loss of millions of dollars. The security breach, attributed to a vulnerability within the ARB chain, led to a massive loss of $42.8 million.
🚨ALERT🚨Hey
Despite Cyvers Alerts multiple post X, no response has been forthcoming from the Hedgy platform. Initially, the reported loss stood at $1.9 million, with the attacker swiftly converting the funds to DAI and transferring them to an EOA (Externally Owned Account).&nbsp;
Following several updates from Cyvers Alerts,Hedgy Finance took to X to address the incident. They stated, “We’re currently investigating an attack on the Hedgey Token Claim Contract. If you’ve submitted any claims, please utilize the ‘End Token Claim’ option on our website. Our team is actively collaborating with auditors to ascertain the root cause and implement safeguards against further attacks.” 
Additionally, in a subsequent post on X, Hedgy Finance cautioned users against clicking on any links within the thread, highlighting the prevalence of potential scam attempts. Overview of the Cryptocurrency market&nbsp; 
Despite the incident, the broader cryptocurrency market remained resilient, maintaining its upward trajectory. With a 3.2% increase in overall market value and a 10% surge in 24-hour trading volume, investors and traders continue to exhibit enthusiasm for digital assets.
Furthermore, leading cryptocurrencies, including <a href="https://news.todayq.com/bitcoin-makes-strong-comeback-after-dipping-below-60k/" rel="noopener noreferrer nofollow">Bitcoin </a>and Ethereum, saw massive price surges, recording gains of over 4% and 2.5%, respectively. Similarly, altcoins such as Solana, Binance Coin, Cardano, and Ripple also experienced bullish momentum, reflecting the market’s overall optimism.
In light of the ongoing investigation and heightened vigilance among users, stakeholders are urged to exercise caution and remain vigilant against potential threats within the cryptocurrency ecosystem. Hedgy Finance reassures its community of its commitment to resolving the issue and enhancing platform security to safeguard user assets.

Alert! Hedgy finance faces $43 mln security breach

Todayq News

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