$30 Million Stolen in SOLANA Hack | Affecting Over 8,600 Wallets

A recent hack targeting the memecoin trading platform DEXX has led to massive losses. Security firm SlowMist has identified over 8,620 Solana wallets potentially linked to the incident, which affected at least 900 users.

The attack, which occurred on 16 November, was initially reported to have caused $21 million in losses. It was the second-largest crypto theft that month, following the $25.5 million Thala hack, which was later fully recovered. By 29 November, however, SlowMist revealed that the losses had grown to $30 million. This increase was due to fluctuations in the value of stolen meme tokens. The hacker has since been converting the stolen assets into Solana (SOL).

SlowMist, working with DEXX, has identified numerous suspicious wallets. The firm plans to release more wallet addresses linked to the hack on Ethereum, BNB Chain, and Base in the coming weeks.

DEXX is actively trying to recover the stolen funds. It has been tracking the hackers wallets and attempting to freeze assets. The platform also offered a bug bounty and a token reward for the return of the funds within 24 hours. So far, the hacker has not responded.

Despite the setback, DEXX is improving its security and negotiating with the hacker. It aims to restart the platform and compensate affected users based on the recovered funds.

The DEXX hack is part of a larger trend of crypto thefts. In November alone, $71 million was stolen in various incidents. This brings the total for 2024 to nearly $1.5 billion. While this is a 15% drop from 2023, phishing scams and other frauds continue to pose serious risks.