Bittime - Decentralized Finance (DeFi) industry is again facing cyber attacks that are detrimental to users. This time, Decentralized Exchange (DEX) Equalizer was the victim of a hack that managed to compromise a number of tokens.
Cyber Attack Chronology
The Equalizer hack allegedly occurred on May 14, 2024. Initially, hackers began stealing user funds through the platform without being detected.
It was only after suspicious activity was detected that the Equalizer team issued a warning via Twitter. They asked users to stop interacting with the front-end of the platform, namely the Equalizer user interface.
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Token Theft Details
- Theft Start Time: May 14, 2024 (time the theft was detected)
- Initial Tokens Stolen: 2,500 SpookySwap Liquidity Tokens (spLP)
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Other Tokens Stolen:
- 2,353 Equalizer (EQUAL) (stolen in 5 transactions)
- 510,579 FantomStarter (FS)
- 6 Million AnyInu (AI)
- 985,565 ChillPill (CHILL)
- 50,000 WigoSwap (WIGO)
- 25 multiDEUS (DEUS)
Although the total value of the stolen tokens is low, the hackers allegedly used small transactions to avoid detection.
The hacker wallet used to hold the stolen funds was discovered to have been created 222 days ago and is still receiving a steady stream of stolen tokens.
Impact of Cyber Attacks
As a result of this cyber attack, the price of the EQUAL token decreased by almost 11% to around $8.90 per token (as of May 14, 2024).
What's worse, after this cyber attack, scammers took action by creating fake Equalizer X accounts. These fake accounts offered affected users a way to submit refund claims.
Also Read: What is a White Hat Hacker?
Investigation and Security Advice
The Equalizer team is currently thoroughly investigating this cyber attack.
Via Discord, the Equalizer team urges users to take preventive steps to avoid further losses, namely as follows.
- Beware of Approve Prompts: If when connecting to DApp Equalizer, an "Approve" prompt appears, STOP using the site immediately.
- Recognize the Contracts You Are Interacting With: If a DApp asks you to interact with a contract you have never used before, STOP using the site immediately.
- Do Not Agree to Unknown Contracts: If a DApp asks you to agree to a contract that is unknown or not listed in Equalizer's official documents, STOP using the site immediately.
Also Read: NFT, DeFi, and Crypto Hacks: How to Double Wallet Security
Safe and Affected Users
According to Discord Equalizer user with the username "543", users who "have not interacted with the Equalizer website in the last 6 hours" are safe from this cyberattack.
However, for users who had an interaction with the Equalizer website in the last 6 hours, "543" recommends revoking all consents made during that period.
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Website Recovery
As a corrective measure, the Equalizer team is currently working to restore the main website and is asking users to temporarily avoid using the Equalizer platform until the security update is complete.
The cyber attack on Equalizer is an important lesson for DeFi users to always be alert and careful. Do research on the DeFi platform you will use, and always implement good cybersecurity measures to protect your crypto assets.
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Also Read:
Warning! Equalizer, DEX Fantom, Has Been Hacked!
Stella Protocol Leverageor Incentive Program Reopens!
Hacker Transfers 17,800 ETH to TornadoCash Following Poloniex Attack
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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