- SlowMist identified over 8,620 Solana wallets linked to the DEXX security exploit affecting 900 users.
- Estimated losses from the attack rose to $30 million, impacting memecoin trading activity.
- DEXX partners with law enforcement and SlowMist to recover funds and compensate users.
The DEXX memecoin trading platform experienced a significant security breach on November 16, with the estimated loss increasing to $30 million. Security firm SlowMist reported identifying more than 8,620 suspicious Solana wallets tied to the attack.
Initially, the hack was believed to result in a $21 million loss, but the total rose due to fluctuating token prices, according to SlowMist founder Cos. At least 900 users were affected, with most losing under $10,000. However, one user reportedly lost over $1 million.
Efforts Underway to Recover Stolen Assets
The hacker reportedly converted stolen assets into Solana (SOL), according to data from MistTrack. DEXX has since engaged SlowMist and law enforcement to recover the funds. The platform offered a bounty and token reward for the hacker to return the stolen assets, but no response has been received.
DEXX’s operations director, identified as Bruce, noted the team’s focus on security upgrades and compensation plans for affected users, which hinge on the amount of recovered funds.Broader Decline in Crypto Hacks Observed
Despite high-profile incidents, the overall number of crypto-related hacks has dropped in 2024, with $71 million stolen in November and a year-to-date total of $1.48 billion. This marks a 15% decrease compared to 2023.
Beyond hacking incidents, phishing scams and pig-butchering schemes remain prevalent, with October alone seeing $20.2 million stolen from 12,000 victims, according to ScamSniffer. As investigations tighten globally, platforms like DEXX continue to work on solutions for security breaches to protect user assets.
