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CryptoXTimes > Article > Crypto > Nexera Hits $1.5 Million Hack, NXRA Token Value Plummets
CryptoNews

Nexera Hits $1.5 Million Hack, NXRA Token Value Plummets

Nexera hack leads to a $1.5 million loss, and NXRA value drops.

Haider Ali
Last updated: August 7, 2024 12:34 pm
Haider Ali 10 months ago
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Nexera Hits $1.5 Million Hack, NXRA Token Value Plummets

Nexera, a decentralized coin exchange also known as AllianceBlock Nexera, has had a major security breach that has caused them to lose about $1.5 million in cash. A blockchain analysis company called Cyvers was the first to notice the attack. They found a “suspicious transaction” connected to Nexera’s proxy contract.

🚨ALERT🚨Hey @Nexera_Official,
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… pic.twitter.com/Of4bAD7UiP

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 7, 2024

Analyst Cyvers says that the hacker took over Nexera’s proxy contract and gave it more rights, which let the hacker use the withdraw admin function to move all NXRA tokens. Cyvers said that the hacker is actively selling Ethereum on the market, and some of the stolen money has already been linked to the BNB chain.

Nexera Responds and Pauses

Because of what happened, the Nexera team confirmed the exploit in a separate post on X, saying that they are “looking into an exploit involving smart contracts containing NXRA tokens.” Trading and the NXRA token contract have both been put on hold while the team tries to figure out how bad the breach really is.

Announcement

The team is investigating an exploit involving smart contracts containing NXRA tokens.

While we are still finalizing our findings, there are already a couple of things that we can share:
1️⃣ The $NXRA token contract has already been paused. Trading is halted on…

— Nexera (@Nexera_Official) August 7, 2024

Nexera is a trading tool between the Ethereum network and the Arbitrum Layer-2 solution. In 2018, Rachid Ajaja and Matthijs de Vries started it. The NXRA token is an important part of the program; it’s used for rewards and transaction fees. Since the hack, NXRA’s value has dropped by more than 40%, and it is now worth only $0.037.

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TAGGED: BNB, Crypto, Ethereum, Nexera
By Haider Ali
Follow:
Haider Ali is a seasoned crypto journalist known for delivering insightful analysis and breaking news in the blockchain and cryptocurrency space. His work is featured in leading industry publications, earning him a reputation as a trusted voice in the crypto community.
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