The Minterest protocol recently suffered a security breach resulting in the loss of approximately $1.4 million in assets.
The exploit occurred on the Mantle chain, with the attacker funded by TornadoCash on the Ethereum (ETH) chain. All stolen funds on the Mantle chain have since been bridged to ETH.
🚨ALERT🚨@Minterest has encountered a security breach on the #Mantle chain at https://t.co/AFhrIJaoOX
Total Loss: Approximately $1.4M. The attacker was funded by @TornadoCash on the #ETH chain.
All stolen funds on the #Mantle chain have been bridged to #ETH.
Attacker's address:… https://t.co/opukg6uRPY— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 15, 2024
The breach led to the theft of $1.4 million in tokens, specifically mETH and WETH. This incident has raised concerns within the crypto community about the security of DeFi protocols and the measures in place to protect user funds.
Minterest’s Response To Latest Happenings
In response to the breach, Minterest has taken several immediate actions to contain the situation and mitigate further damage:
1. Operations Paused: All operations on the Minterest protocol have been paused to prevent any further exploits. This swift action aims to safeguard the remaining assets and prevent additional losses.
2. Coordination with Exchanges: Minterest has reached out to key centralized exchanges (CEXs) to flag the wallet address associated with the hacker. This step is crucial in containing the loss and potentially recovering the stolen funds.
3. Suspect Wallet Flagged: The suspect wallet has been flagged across major CEXs and Instaswappers, making it harder for the attacker to move the stolen assets without detection.
4. Communication Attempts: Minterest has attempted to communicate with the suspect wallet, aiming to open a dialogue that might lead to the recovery of the stolen assets.
5. Law Enforcement Involvement: A report has been filed with law enforcement agencies, seeking their assistance in investigating the breach and pursuing the attacker.
MINTEREST – ADDRESSING STATUS/QUESTIONS ON RECENT BREACH
The Minterest protocol was exploited for $1.4M in assets. We are working as fast as we can to conduct a thorough deep dive into the events that took place yesterday on Minterest and to recover funds. The details of the…
— Minterest (@Minterest) July 15, 2024
The Minterest team is committed to resolving the issue and restoring confidence in their protocol. As the situation unfolds, they will continue to work with exchanges, law enforcement, and the broader crypto community to recover the stolen funds and strengthen their security measures to prevent future breaches.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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