Nexera, a DeFi protocol, has been affected by a smart contract security breach that resulted in the theft of $1.5 million worth of NXRA tokens.
Following the incident, the value of the protocol’s native token plummeted by over 40%.
$1.5 Million Stolen and NXRA Token Plummets 43%
The exploit was first reported on August 7 by Cyvers, a blockchain security firm, via a post on X that stated, “Our system has detected a suspicious transaction involving your proxy contract.”
According to the post, an unidentified address managed to take control of Nexera’s proxy contract and subsequently upgraded it to gain access to administrative functions. Using the withdraw admin function, the attacker transferred all available NXRA tokens out of the contract.
Cyvers added that the stolen NXRA tokens are already being converted to Ethereum (ETH), and a portion of the funds have already been bridged to the Binance Smart Chain (BNB).
Hackers frequently exchange their stolen tokens for Ether to obscu
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