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Popular Altcoin Faces Critical Hack: Warning Issued!

Popüler Altcoin, Kritik Hack ile Karşı Karşıya: Uyarı Yapıldı!
Popüler Altcoin, Kritik Hack ile Karşı Karşıya: Uyarı Yapıldı!
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The website of 1inch, which is behind the popular altcoin 1INCH, has faced a significant security threat in the crypto industry. The website of decentralized exchange aggregator 1inch, along with a number of other platforms, was affected by a vulnerability in its animation library called Lottie Player. Experts stated that the attackers injected malicious code into this library, which is widely used in decentralized applications (dApps) and some non-crypto sites.

Attack on 1inch and TEN Finance

A number of posts on X (formerly Twitter) confirm that crypto platforms such as 1inch and TEN Finance were victims of this attack. However, experts predict that the number of platforms affected by this type of attack could be higher. Targeting Lottie Player versions 2.0. 5 and above, the malware has the potential to perform unauthorized transactions that threaten users’ data and assets. Therefore, users are warned to avoid connecting their wallets to these platforms

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It is reported that the attackers made it possible to perform malicious transactions on the relevant sites with the code they placed in Lottie Player’s front-end JSON files. In particular, this code, which is spread through the npm package located on the server where Lottie Player’s content is distributed, has been approved by many security firms. In a statement made by the security firm Blockaid, it is seen that legitimate sites are currently providing malicious content and that the attackers stated that a new version has been uploaded.

Official statement from 1inch

According to many posts made on the X platform, altcoins 1inch and TEN Finance are among the confirmed victims of this attack. However, it is estimated that this attack, which targets versions 2.0.5 and above of the Lottie Player library, may affect more sites. This situation led to a series of security breaches that endangered the assets of many users and once again revealed the areas where the measures were inadequate. The 1inch team, which made an official statement on the subject, stated that the attack occurred on October 30. According to the statement, only the 1inch website was affected, while other platforms and tools were not affected by this attack. The 1inch team shared the following information:

Between 21:12 and 23:22 on October 30, 1inch dApp users may have encountered a malicious wallet link and signature request. This signature allows the attacker to drain the user’s funds. However, only the 1inch web dApp was affected; 1inch Wallet, API and protocols were never compromised.

In addition, the 1inch team announced that they will refund all wallets affected by the attack in line with their losses in order to ensure users’ trust. The team, which informed users, made various suggestions for the accounts affected to cut off access to malicious addresses. According to the statement, users can use the revoke.cash site to cancel ERC20 approvals from malicious addresses and can reach the customer support team or [email protected] via the dApp for further support.

Bitcoin and altcoin hacks are on the rise

Security vulnerabilities have become a major problem in the cryptocurrency world in recent years, and the number of such malicious activities is increasing every year. The recent theft of approximately $20 million worth of cryptocurrency from the US government reveals how big the risks are in this sector. It is stated that these funds are part of the $3.6 billion assets previously seized in the Bitfinex attack. Blockchain lender Radiant Capital also suffered one of the biggest attacks of this year, losing more than $50 million.

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The US government is trying to take precautions by intensifying the investigation and prosecution of these crimes. Finally, Eric Council Jr., a 25-year-old Alabama resident who hacked the SEC’s X (formerly Twitter) account, was arrested by the FBI. It is known that Council shared false information about the Bitcoin ETF approval by logging into the SEC account, and this action caused serious fluctuations in the markets. However, authorities believe that Council is not the real mastermind of this operation and are trying to reach an agreement with him. Losses from crypto attacks in 2024 have already exceeded $2.1 billion, with centralized finance (CeFi) platforms being the most affected.

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Popular Altcoin Faces Critical Hack: Warning Issued!
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