CertiK Reports $1 Million Loss in SwapX Vulnerability

02/28/2023 18:13 • NFT Newsflash • 112 views

It is reported that according to CertiK monitoring, the total loss of SwapX vulnerability was about US $1 million. CeritK security experts found a total of four external account EOAs related to this vulnerability. At present, the attacker has made a profit of $313000. Please remain vigilant.

Security team: SwapX vulnerability lost about $1 million in total

Interpret the above information:

According to recent reports by CertiK, an auditing, and consulting firm specializing in blockchain security, the total loss in SwapX vulnerability has been estimated to be around $1 million. CertiK security experts have been monitoring external account EOAs related to the vulnerability, and they have discovered four such accounts.

Although the specific details of the SwapX vulnerability are yet to be disclosed, it is understood to have allowed an attacker to exploit the vulnerability and profit from it, resulting in a loss of around $1 million. The severity of the vulnerability connotes that the attacker could still exploit it in the coming days, and that is why CertiK has asked investors and traders to remain ever vigilant.

CertiK monitors the blockchain network for vulnerabilities in smart contracts, highlighting the importance of blockchain security audits and the role they play in ensuring safe investment activities. The firm predominantly works with DeFi (decentralized finance) projects and has already conducted more than a hundred blockchain audits.

CertiK has been active in tackling vulnerabilities in the DeFi space, a sector in which we have seen several high-profile hacks and attacks in recent months. The firm has even launched its own security protocol, named CertiKShield, which provides coverage for smart contract failures and other security risks.

The report by CertiK is a call to action for investors and traders to be cautious while investing in these DeFi projects. The vulnerabilities in smart contracts can result in a complete loss of investment capital for the investors; therefore, a proper blockchain security audit is necessary before investing.

In conclusion, the loss of $1 million in SwapX vulnerability highlights the significance of blockchain security audits and the need for blockchain-based projects to prioritize security. DeFi projects require extra attention to the security aspect due to the significant potential for high losses. The report is a reminder to investors and traders to stay vigilant while conducting trades and remain up to date on the latest security risks.

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CertiK Reports $1 Million Loss in SwapX Vulnerability

Security team: SwapX vulnerability lost about $1 million in total

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