Mobius Token ($MBU) suffered a smart contract exploit on the BNB Chain, leading to the loss of $2.15 million. The exploit, which was detected by security firm Cyvers Alerts, happened in the early hours of May 11.
According to the security firm, the hackers deployed the contract from address 0xb32a53… at 07:31:38 UTC and initiated the exploit at 07:33:56 UTC, draining funds from the victim wallet 0xb5252f…
According to the report, Cyvers mentioned that the attacker used contract 0x631adf…to carry out a series of malicious transactions. The smart contract drained about 28.5 million MBU tokens worth about $2,152,219.99, converting them into stablecoins after the theft.
Mobius suffers a smart contract hack on BNB Chain
According to Cyvers’
statement
The Mobius exploit was deemed “critical,” as the platform highlighted the attacker’s utilization of dubious contract code and unusual transaction activities.
“About two minutes prior to the attack, our system detected the deployment of a malicious smart contract which ultimately aimed at targeting the Mobius Token smart contracts,” Cyvers posted on X. At the time of this writing, the hacker’s wallet is still operational.
In a subsequent posting, Cyvers
mentioned
that the assailant has transferred the money to Tornado Cash, a decentralized privacy tool
platform
This operates on Ethereum and functions as a money laundering tool. The system masks transaction tracks to prevent them from being traced back to their initial origin.
Nevertheless, the Mobius Token team has not issued an official statement recognizing this development.
Meanwhile,
crypto losses
In April, suspicious activities and entities came close to $360 million. In May, blockchain security company PeckShield revealed that the cryptocurrency sector experienced losses from 18 separate hacking events. Hacken CEO Dyma Budorin stated that cryptographic businesses have yet to alter their stance on cyber safety, which has resulted in an increase in such breaches.
Even after losing $1.4 billion due to the recent Bybit hack earlier this year, Budorin pointed out that companies should enhance their security protocols. He noted that instead of adopting more robust security approaches, many continue to depend solely on standard practices like offering bug bounties and conducting penetration testing. “A lot of projects believe that ‘We’ve done some pen tests; that suffices.’ Or maybe they add a bug bounty program. But that isn’t sufficient,” he emphasized.
Reports indicate that the biggest portion of the losses in April stemmed from an illicit Bitcoin transfer valued at $330 million. This heist, ranking as the fifth-biggest cryptocurrency breach ever recorded, utilized social engineering methods. It appears that the digital wallet involved was owned by an older American individual. On-chain investigator ZachXBT identified the transaction and disclosed crucial information regarding this attack.
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