- A hacker exploited a flaw in SVT tokens, stealing $400,000.
- The attack was reported by Certik Alert, a company specializing in blockchain security.
- The hacker then took $217,000 worth of BNB and put it into Tornado Cash, a service used by hackers to hide their stolen money.
A recent incident in the world of cryptocurrency has left a lot of people shocked. A hacker managed to take advantage of a weakness in a type of digital token called SVT, leading to a loss of $400,000. The whole situation was brought to light by a company called Certik Alert, which specializes in keeping blockchain systems secure.
SVT tokens were being traded, but there was a flaw in how these trades worked. The attacker saw this flaw and used it to repeatedly buy and sell the tokens, eventually making off with a hefty sum of $400,000. Unfortunately, someone who was trading SVT fell victim to this scheme and lost their money.
To make matters worse, the hackers then tried to cover their tracks. They took $217,000 worth of another cryptocurrency called BNB and put it into a service called Tornado Cash. This service is used by hackers to hide their stolen money and avoid getting caught.
This attack isn’t an isolated incident. Certik Alert had previously reported on more than a dozen similar attacks, including ones on popular platforms like Discord, and Twitter, and through phishing schemes. All combined, these attacks have led to a staggering loss of over $8.2 million.
SVT tokens are connected to a platform called Solvent Protocol, which used to be a part of the decentralized finance (DeFi) world based on the Solana blockchain. However, this platform shut down in May 2023. Even though users were given until July 31st, 2023 to withdraw their assets, the team decided that the SVT tokens would be useless in the future and should be discarded.
In light of all these issues, the team behind SVT advised people to avoid trading these tokens on certain types of cryptocurrency exchanges. Despite this advice, SVT tokens have still been heavily traded and their value has gone up by around 7.9% in the past month. Looking at the price charts, it’s clear that the token’s value has been quite volatile, going up and down frequently, which might be a sign of manipulation.