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ZB.com2 Chinese stock exchange could be the latest crypto company to be hit by a hack

China-based cryptocurrency exchange LB.com is the latest crypto platform to appear to be targeted by hackers, as the self-proclaimed “world’s most secure digital asset exchange” has drained nearly $5 million from the exchange’s hot wallet.

Hot wallets are used as liquidity pools by centralized crypto exchanges to allow users to buy, sell, and trade cryptocurrencies.

Blockchain Security First Peckshield published a tweet on Wednesday detailing hundreds of thousands of dollars worth of stolen Tether, Polygon, Sandbox, Bored Ape and many other tokens respectively.

The total amount transferred from @ZBexchange is ~$4.8 million and here is the detailed breakdown of the tokens: https://t.co/uMpkvxtOAo pic.twitter.com/xo373Zyge1

— PeckShield Inc. (@peckshield) August 3, 2022

Following the exploit, ZB temporarily paused deposit and withdrawal services, which were still in effect at the time of writing.

ZB.com hasn’t officially confirmed that a hack has taken place — the company calls it a “failure of some core applications” — but the situation follows a pattern of high-quality hacks and exploits in the crypto space over the past few weeks and months, including:

Solana

On Tuesday, August 2nd, nearly $6 million was stolen from as many as 8,000 Solana wallets.

After investigation by developers, ecosystem teams, and security auditors, it appears that affected addresses were created, imported, or used in Slope mobile wallet applications at some point. 1/2

— Solana Status (@SolanaStatus) August 3, 2022

Blame was placed on a security exploit in the Slope Web3 wallet application

nomad

Ethereum-to-Moonbeam bridging protocol Nomad was exploited for nearly $200 million on Aug. 2 following sma weakness
Cross-chain bridges — programs that allow tokens to be transferred between otherwise incompatible blockchains — are given particular attention by hackers due to the large sums of assets being held at a single point of entry.

Axe Infinity

Play-to-earn (P2E) game Axie Infinity suffered a $600 million exploit in March when North Korean hackers used a fake job offer to lure one of the game’s developers.

AXS token fell over 75% after the attack.

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