Nexera Protocol suffered an exploit, leading to the loss of $1.5 million in digital assets. The DeFi protocol, which bridges traditional finance with DeFi, was hit by hackers who stole Nexera (NXRA) tokens, according to an Aug. 7 post by Cyvers on X.
“Our system has detected a suspicious transaction involving your proxy contract. An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens.”
The malicious intent behind the incident is clear as the hacker is already liquidating the stolen NXRA tokens for Ether (ETH). Cyvers reported:
“The address is currently selling all the tokens for $ETH, and some of the funds have already been bridged to the $BNB chain. The total estimated loss is around $1.5 million.”
Hackers often convert stolen tokens into Ether to launder the funds through cryptocurrency mixers like Tornado Cash, complicating the tracing efforts by cybersecurity firms.
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Connected to previous exploits
Onchain investigator ZachXBT revealed that the exploiter’s addresses are linked to several previous private key compromise incidents, including SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, Reach, and others.
The Nexera exploit adds to the growing list of DeFi hacks in 2024, coming just a day after Ronin Network was exploited for $9.8 million worth of Ether by a suspected white hat hacker who later returned the funds.
Crypto hacks have been escalating in 2024. The first quarter alone saw $542.7 million stolen, a 42% increase from the same period in 2023. July was particularly severe, with over $266 million stolen across 16 attacks, including a $230 million theft from Indian exchange WazirX, the second-largest hack of the year.
The WazirX hacker has been attempting to funnel the stolen funds, consolidating $57 million worth of ETH into new addresses by July 22.
