The DEXX platform has suffered a significant cyber attack, with asset losses potentially reaching hundreds of millions of dollars.

On the night of November 16th, a well-known decentralized trading platform suffered a severe cyber attack, resulting in the illegal transfer of a large amount of user assets. According to preliminary estimates, the platform may have lost up to tens of millions of dollars, with the final loss amount expected to reach hundreds of millions of dollars.

A Web3 security expert pointed out that users' private key information has been leaked, but the specific leak route is still under investigation. This large-scale fund theft incident has dealt a severe blow to the recently active on-chain Meme market, while also reigniting concerns about the security of on-chain assets.

Latest Developments of the Event

After preliminary investigation, it has been confirmed that the scale of the stolen funds has reached over 100 million yuan, and the hackers are still continuing their criminal activities. Technical analysis shows that the trading platform has two serious security vulnerabilities:

1. A non-custodial platform that records user private keys can easily have those keys accessed by hackers if the system is attacked.

2. The user did not take encryption measures when exporting the private key, which resulted in the private key being exposed in plaintext during transmission.

The platform founder responded on social media, stating that due to special reasons, it is currently not possible to synchronize updates, and more time is needed for processing. Previously, the platform's official statement indicated that the team is working hard to resolve the issue and promised to compensate users for their losses.

However, as the amount stolen continues to rise, most users' trust in the platform has plummeted, suspecting that this may be an inside job. The community found that when exporting the platform's private keys, the keys were presented in plaintext, meaning that users' private keys are actually stored on the official servers.

Impact on the Meme Market

According to market data, multiple Meme tokens have experienced varying degrees of decline:

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

It is worth noting that hacker attacks are still ongoing. As of the 17th, at least $13 million has been stolen, but the actual losses may far exceed this figure. In addition to stablecoins, a large number of recently popular Meme coins have also been stolen, such as BAN, Pnut, BITCAT, and so on.

Currently, the stolen funds have not been transferred. A Web3 security team stated that they have collected around 2,800 victim addresses and analyzed over 9,000 transactions of stolen funds. The stolen funds still remain in addresses controlled by the hacker, with no signs of transfer.

How to Safely Custody Funds

To ensure the safety of funds, users can take the following measures:

1. Use a hardware wallet to store main assets
2. Decentralized asset storage to avoid "single point of failure"
3. Choose a decentralized custody solution, such as a multi-signature wallet
4. Review the security of the exchange or platform, and understand its fund custody mechanism.
5. Consider purchasing cryptocurrency insurance against hacking attacks.

In addition, users should also pay attention to:

• Be cautious of others' recommendations and conduct in-depth research on the product mechanism.
• Choose automated tools with long operating times and strong team capabilities.
• Be wary of online scams, do not click on unknown links or respond to unsolicited private messages.
• Transfer funds to your own controlled wallet after large transactions.

Finally, it is recommended that everyone re-read the "Blockchain Dark Forest Survival Manual" and always prioritize security in the blockchain world.