As the crypto market continues to gain popularity and attract more participants, it also becomes a target for scammers and hackers seeking to exploit vulnerabilities. In the past 24 hours, various incidents have been reported, highlighting the importance of maintaining caution and security measures within the crypto space. Let’s take a closer look at some of the recent hacking news.

Phishing Scam on Stargate Snapshot Platform:

Recently, a Discord mod on the LayerZero community reported a phishing scam that occurred on the Stargate Snapshot platform. The scammer introduced a phishing link within a proposal vote, enticing users to stake $STG tokens. Shockingly, over 1,000 users fell victim to the scam, resulting in a collective loss of approximately $43,000. This incident serves as a reminder to always exercise caution when interacting with unfamiliar platforms and to verify the legitimacy of any proposed links or actions thoroughly.

Exploiter Bridging Ethereum and Manipulating Funds:

In another incident, an exploiter-labeled address was identified as bridging 3,000 $ETH from Arbitrum to Ethereum. In addition, the exploiter transferred 1,000 $ETH to Tornado Cash, a popular privacy-focused cryptocurrency platform. This exploit raises concerns about the security and integrity of cross-chain transactions, highlighting the need for continuous improvement in blockchain security measures.

Exploit Causes Major Drop on FCN-TRUST Token:

Within the Binance Smart Chain (BSC) ecosystem, an exploit resulted in a staggering ~99% drop in the FCN-TRUST (FCN) token value. The exploit, associated with the address 0x0fEA057dB0e6b45fa1A0065Cd512150987F2AF08, allowed the exploiter to steal approximately $500,000 worth of assets. The stolen funds were subsequently deposited into Tornado Cash, a platform known for its anonymous transactions. This incident serves as a reminder for investors to exercise caution and conduct thorough due diligence before engaging in any transactions or investments.

The recent hacking incidents within the crypto space highlight the need for increased security measures and vigilance from participants. Phishing scams, cross-chain exploits, and token manipulations are a persistent threat, and users are encouraged to remain cautious and verify the legitimacy of any platforms, links, or transactions they encounter. As the crypto market continues to evolve and mature, it is essential for developers, projects, and users alike to prioritize security and adopt best practices to safeguard their assets and strengthen the overall ecosystem’s resilience.