Nexera Blockchain Exploit Results in $1.5M Loss, NXRA Token Impacted
Nexera, a well-known blockchain infrastructure protocol specializing in tokenization, has recently fallen victim to a significant exploit resulting in a staggering $1.5 million loss. This Nexera blockchain exploit has prompted the company, previously known as AllianceBlock, to announce the breach on X, stating they are currently investigating the incident to understand the full extent and implications.
In response to this exploit, Nexera has taken immediate action by pausing the NXRA token contract and halting trading on decentralized exchanges. Efforts are also underway to coordinate with centralized exchanges to suspend trading activities, aiming to mitigate further damage.
NXRA Token Plummets Post-Hack
Following the hack, the NXRA token experienced a dramatic decline, now trading at $0.033—reflecting a 40% drop according to CoinMarketCap data. Analysis from Zapper reveals that the attacker holds approximately 32.5 million NXRA tokens, valued at $1.23 million, along with $555,000 in tether’s USDT stablecoin. The hacker has started liquidating NXRA tokens for Ether, with some funds already transferred to the BNB chain.
Cyvers, a cybersecurity firm, 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.” This conversion to Ether is a common tactic among hackers to launder funds using cryptocurrency mixers like Tornado Cash, complicating tracing efforts.
Recurrent Exploits and Broader Impact
On-chain data suggests this isn’t the first malicious act by the exploiter. Blockchain investigator ZachXBT has linked the attacker to several recent incidents involving compromised private keys, impacting projects like SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, and Reach.
Crypto Sector Sees $266M Stolen in July Alone
The broader crypto sector has faced substantial losses, with hackers stealing approximately $266 million in July through 16 breaches. One of the most significant was the July 18 attack on Indian crypto exchange WazirX, resulting in a loss of over $230 million. Other notable victims include Compound Finance, Li.Fi, Bittensor, and Rho Markets, with losses ranging from $8 million to $24 million.
In contrast, June saw lower losses at $176 million spread across 20 incidents, indicating a sharp increase in the value of stolen assets within a month. A significant event at the end of July involved the Terra blockchain, which halted operations after an attack that led to the theft of $6 million.
Additionally, the United States Homeland Security Investigations (HSI) recently charged a Las Vegas resident for running a fraudulent cryptocurrency recovery scheme, highlighting ongoing efforts to combat such illicit activities.
About the Author
Asher Vale is a content writer at AiBlock Insider, specializing in blockchain and AI. With a knack for simplifying complex topics, Asher creates engaging and informative articles that keep readers up-to-date with the latest tech trends.
