crypto hacks and frauds

[vvksh]

In this ticket, I want to look at how hacks/frauds related to crypto take place.

hacks:

• liquid hack
• solana nft attack
• poly network hack

[vvksh]

liquid hack

• summarized in trm article
• Liquid is a crypto exchange in japan

TRM analysis shows the attacker moved quickly and immediately swapped stolen USDT-on-TRON to TRON within a matter of minutes using a decentralized exchange. The quick swaps may be a result of lessons learned from the Poly.Network attack, in which stolen USDT was frozen almost immediately by Tether.

• hackers address on therscan: https://etherscan.io/address/0x5578840aae68682a9779623fa9e8714802b59946

related:

• what is ERC-20 token? https://www.investopedia.com/news/what-erc20-and-what-does-it-mean-ethereum/

[vvksh]

attack on solana nft

• summary here: https://www.trmlabs.com/post/hurts-the-sol-security-considerations-for-nft-drops
• essentially it was a phising attach where attackers asked users to connect their wallet and drained all the funds.

[vvksh]

poly network hack

sumamry here: https://cointelegraph.com/news/poly-network-hack-exposes-defi-flaws-but-community-comes-to-the-rescue

seems like the hacker found some vulneralibilty in the cross chain protocol which allows users to swap tokens among different exchanges; used some smartcontract to send himself bunch of money.