After Nomad, Solana, Another Crypto Hack As ZB Exchange Funds Lost

With back to back security compromises with Nomad and Solana, the crypto ecosystem suffered big jolts this week. In a fresh case of a similar compromise, a cryptocurrency exchange is believed to have lost funds. Although the security compromise and the resultant impact is yet to ascertained, the doubts certainly add to growing concerns. Hacks involving loss of funds is not new in the crypto ecosystem, but a series of such events could have a huge impact in the current scenario.

ZB Exchange Hack Worth $3.60 Million?

In a latest, a hack on ZB crypto exchange led to the compromise of nearly $3.60 million worth of assets. According to crypto related Twitter account CertiK Alert, the exchange has been hacked and assets were transferred to the hackers’ wallet. The hack resulted in a loss of 2224 ETH worth $3.60 million, they said.

“ZB exchange have been hacked resulting in 2224 ETH (around $3.60 million) being transferred into the hackers wallet. The funds are currently in EOA 0x2644 and will highly likely be sent to Tornado Cash.”

In the case of Nomad attack, around $200 million were lost from the bridge protocol. From over 41 addresses identified, the hackers stole millions of dollars. On Wednesday, over 7,000 wallets were said to have been compromised on Solana. At least $8 million worth of crypto assets were stolen by the hackers.

Halt In ZB Transactions

Adding to the suspicion is the company’s suspension of transactions. On Tuesday, the exchange said it had suspended deposits and withdrawals on its platform. It cited failure of core applications for the halt in services.

“Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem. Deposit and withdrawal services are now suspended.”

PeckShield, a blockchain security and data analytics company, raised doubts over the suspension of transactions. It wondered whether ZB exchange really was under maintenance or its hot wallet was hacked. According to CoinMarketCap, the ZB exchange, launched in 2013, has a reasonable trading community. The platform differentiates itself through its highly curated listing process and rare launchpad offers, it describes. Interestingly, the crypto exchange calls itself “The World’s Most Secure Digital Asset Exchange.”

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with the industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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