MonoSwap Hacked, Users Urged to Withdraw Funds Immediately

MonoSwap urged its users on July 24 to withdraw funds immediately following a security breach that compromised its wallets and contracts.

According to MonoSwap’s latest social media post, one of the developers fell victim to a phishing attack, allowing hackers to gain access to critical systems and withdraw significant amounts of staked liquidity.

MonoSwap Developer Falls for Phishing Attack

On July 23, the developer was deceived into installing a phishing application during a call with scammers posing as venture capitalists.

“The attackers installed the botnet into his office PC, which has access to all MonoSwap-related wallets and contracts,” the post read. “The hackers then withdrew most of the staked liquidity positions, causing damage to the protocol.”

“We are investigating the attack right now and will soon announce the next moves,” the company stated. “We were trying to work with VCs to build a better future for MonoSwap. However, unfortunate things happened and now we are trying our best to solve this issue.”

🚨 ALERT: MonoSwap has been hacked. DO NOT add liquidity or stake in our farming pools at the moment.

If you have any staked positions, please withdraw immediately to avoid funds loss.

Yesterday, one of our developers installed a phishing app to join a call with scammers who…

— MonoSwap (@monoswapio) July 24, 2024

Crypto Hacks Decline in April and June

Blockchain security company PeckShield recently reported a decline in crypto hacks in June, with losses amounting to $176 million. This figure represents a 54.2% decrease from the $385 million stolen in May.

In June, the largest crypto heist targeted the BtcTurk exchange, resulting in over $100 million in stolen assets. The UK-based centralized exchange Lykke also faced a massive breach, with losses amounting to $22 million.

The DeFi sector was not spared either, as lending protocol UwU suffered a $19.4 million hack, making it the third-largest exploit of the month. Common attack methods included flash loan exploits, exit scams, and technical vulnerabilities.

April 2024 also saw a downturn in losses from hacks and scams, according to security firm CertiK. The month recorded the lowest combined losses, with approximately $25.7 million lost to various exploits, marking a new low since CertiK began tracking in 2021.

The report highlighted a 141% decrease in total losses compared to the previous month. The reduction was attributed to fewer flash loan attacks and private key hacks, reflecting improved security measures within the industry.