Attacks on cryptocurrencies continue to multiply in October. The latest is UvToken, which just lost € 1,5 million due to a flaw in the blockchain.
What is UvToken?
According to the description on the website, UvToken is a real cross-chain instant exchange. Cross-chain transactions are performed directly through smart contracts and an independent and powerful cross-chain transaction protocol.
The asset theoretically supports transactions between all digital currencies. This represents a qualitative advance over the single-chain Dex on the market.
The blockchain offers various services, such as short and long term asset management or interest rate loans. You can also make payments, withdrawals and deposits at any time with a high return.
We can also note that the UvToken site guarantees reliable security. It presents us with a completely autonomous private key in which assets are fully protected. However, we will see that security is not 100% guaranteed, as hackers exploited a flaw in the blockchain to steal a large amount of money.
1,45 million dollars burned
The UvToken cross-chain wallet project lost $ 1,45 million in a smart contract hack. UvToken acknowledged the breach, stating that its “ stakingWas attacked.
The UvToken cross-chain crypto wallet was hacked for 5.011 BNB tokens. This is around $ 1,45 million at the current Binance token price. The funds have already been channeled to the authorized cryptocurrency exchange platform Tornado Cash.
The incident occurred on the BNB Chain blockchain on Thursday morning around 1am EST, as reported by security firms Ancilia and Peckshield.
UvToken acknowledged the exploitation of the flaw, stating that its “ stakingWas attacked. He is currently working with the security teams to investigate the problem. UvToken allows users to insert the native token into a specific contract, which has been targeted, PeckShield noted.
The attacker probably exploited the contract's inability to staking UvToken to successfully authenticate input data, PeckShield told The Block. The company noted that the contract could contain a logical error that allowed the hacker to make a malicious call and steal the wagered funds.
In the past 24 hours, the token has dropped by more than 94%. His quotation it is now € 0,007439, while yesterday it reached a peak of € 0,45.
