Hacker Targets Nexera, Steals $1.5 Million in NXRA Tokens

Aug 07, 2024

Key Takeaways

Nexera lost $1.5 million in NXRA tokens due to a smart contract vulnerability;
Cyvers reported that an attacker took control of Nexera's proxy contract, upgraded it, and used the "withdraw admin" function to transfer the tokens;
The hacker started converting NXRA tokens to ETH and some funds were bridged to the BNB Chain.

A security breach has hit the decentralized finance (DeFi) sector once again.

Nexera, a DeFi solution that bridges traditional and decentralized finance, has lost $1.5 million in Nexera (NXRA) tokens due to a smart contract vulnerability.

Cyvers, a cybersecurity platform, reported the breach on August 7, explaining that an address took control of Nexera's proxy contract and upgraded it. Shortly after, the address used the "withdraw admin" function to transfer NXRA tokens.

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Further analysis by Cyvers revealed that the hacker began converting the NXRA tokens to Ether (ETH) and that some of the funds had already been bridged to the BNB Chain.

Crypto investigator ZachXBT said in an August 7 Telegram post that this exploit is part of a series of attacks linked to the same entity:

Attacker is connected on-chain to recent private key compromise incidents such as SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, Reach, and many more.

This incident comes just a day after the Ronin Network suffered an exploit, resulting in the loss of around $10 million worth of ETH. However, the attacker returned the stolen funds within a few hours.

The Nexera breach adds to the growing list of security incidents within DeFi, emphasizing the need for robust security measures to protect digital assets.