Attacks on crypto platforms now include not only hacking, but also a hijacking strategy.
Blockchain expert ZachXBT said that a cybercriminal from North Korea may be behind the attack on the Indexed Finance DeFi project. According to ZachXBT, the criminal initiated a hostile offer on November 18, targeting the remains of Indexed Finance.
The now defunct decentralized protocol for passive portfolio management on Ethereum (ETH) was attacked in 2021, resulting in the theft of $16 million. The Indexed Finance protocol offers users DeFi portfolio management similar to exchange-traded funds and indexes with assets under management.
The hacker suggested that Indexed Finance representatives hand over control of the protocol's financial reserves, which included $36,000 in DAI and almost $48,000 in NDX, Indexed Finance's management token at that time.
Community members who still held NDX tokens reacted to the proposal by using their tokens to vote against the transfer of control. 413,000 people voted against accepting the proposal, while the hacker managed to get only 402,000 votes for the proposal. Although the Indexed Finance community managed to repel the attack, the price of NDX fell by almost 14% to $0.01 due to the incident.
As noted by ZachXBT, the same attacker also attempted to hack the Relevant news platform. The attack was directed from an account whose address starts with 0x9b9. The likely owner of this address is Alex Chong, a North Korean IT specialist who was fired from at least two jobs for suspicious hacking-related behavior. Additionally, Alex Chong has changed his Github username several times and currently uses the nickname "Holy Pengy".
At the moment, there is no public statement on the incident, which makes it unclear whether the hacker was successful in his efforts.
In October 2021, an unknown attacker removed assets worth about $16 million from the liquidity pools of the Indexed Finance DeFi project. According to the developers, the target of the attack was two indexes — DEFI5 and CC10. An attacker exploited a pool rebalancing vulnerability.
Blockchain expert ZachXBT said that a cybercriminal from North Korea may be behind the attack on the Indexed Finance DeFi project. According to ZachXBT, the criminal initiated a hostile offer on November 18, targeting the remains of Indexed Finance.
The now defunct decentralized protocol for passive portfolio management on Ethereum (ETH) was attacked in 2021, resulting in the theft of $16 million. The Indexed Finance protocol offers users DeFi portfolio management similar to exchange-traded funds and indexes with assets under management.
The hacker suggested that Indexed Finance representatives hand over control of the protocol's financial reserves, which included $36,000 in DAI and almost $48,000 in NDX, Indexed Finance's management token at that time.
Community members who still held NDX tokens reacted to the proposal by using their tokens to vote against the transfer of control. 413,000 people voted against accepting the proposal, while the hacker managed to get only 402,000 votes for the proposal. Although the Indexed Finance community managed to repel the attack, the price of NDX fell by almost 14% to $0.01 due to the incident.
As noted by ZachXBT, the same attacker also attempted to hack the Relevant news platform. The attack was directed from an account whose address starts with 0x9b9. The likely owner of this address is Alex Chong, a North Korean IT specialist who was fired from at least two jobs for suspicious hacking-related behavior. Additionally, Alex Chong has changed his Github username several times and currently uses the nickname "Holy Pengy".
At the moment, there is no public statement on the incident, which makes it unclear whether the hacker was successful in his efforts.
In October 2021, an unknown attacker removed assets worth about $16 million from the liquidity pools of the Indexed Finance DeFi project. According to the developers, the target of the attack was two indexes — DEFI5 and CC10. An attacker exploited a pool rebalancing vulnerability.
