Last Updated on June 18, 2023 by COINBUZZFEED
Midas Capital on the Binance Smart Chain, has recently suffered a targeted hack, resulting in a substantial loss of around $600,000. The breach exploited vulnerabilities within specific contracts, demonstrating the ongoing challenges faced by organizations operating in the cryptocurrency space.
The attack involved depositing approximately 500 in BNB to @TornadoCash, while other funds were transferred to Ethereum through a bridge mechanism. The hackers targeted contract 0xf8527…25cb and its corresponding implementation, 0xf3c87…5909, taking advantage of a flaw in the redeem counter. This allowed them to conduct multiple redemptions using the mint() function, based on token amounts.
This incident serves as a stark reminder of the persistent threats posed to entities within the cryptocurrency ecosystem. Despite continuous efforts to enhance security measures, hackers find ways to exploit vulnerabilities, creating significant risks for protocols and their users. Swift and effective responses are essential to minimize damage and prevent future attacks.
