Gairika Mitra
A token was hacked in under 12 seconds by a bot linked to the pseudonymous Ethereum wallet “bigbrainchad.eth,” netting the hacker $24,000 in profits.
This swift, coordinated assault reportedly occurred just moments after the token became vulnerable, with the hacker’s automated system identifying the weakness and executing the exploit almost instantly.
Automated Bots: The New Face of Crypto Exploits
The use of automated bots, like the one tied to “bigbrainchad.eth,” is becoming increasingly common in the world of crypto hacks. These bots are programmed to scan blockchain networks for weaknesses, then execute attacks with extraordinary speed. In this case, the bot capitalized on a newly deployed token’s vulnerability and carried out the hack before developers had any chance to patch the security flaw.
Crypto experts warn that the rise of such automated systems poses a serious threat to the integrity of decentralized platforms. While this particular exploit resulted in the theft of $24,000, it signals a broader issue: hackers are now using technology to streamline attacks, making it harder for security teams to respond in time.
Many hackers rely on automation to detect vulnerabilities in new tokens or smart contracts that are not yet fully tested. As the DeFi space continues to expand, the speed and efficiency of these automated systems create significant risks for both investors and developers.
The Growing Threat of Automated Attacks in Crypto
This $24,000 token hack is just the latest example of the growing sophistication in cryptocurrency attacks. The use of advanced technology has enabled hackers to bypass traditional security protocols, often exploiting flaws in decentralized platforms within seconds of their discovery.
The number of crypto hacks has been steadily rising, with billions of dollars lost to various exploits. A Chainalysis report highlighted that North Korea-linked cyberattacks have surged in recent years, with hacking groups like Kimsuky and Lazarus Group deploying various tactics to steal significant amounts of cryptocurrency. In 2022, these groups stole an estimated $1.7 billion in crypto assets, marking a record high. While the estimated total for 2023 is slightly lower, at just over $1 billion, the number of hacks has risen to 20—the highest ever recorded in a single year.
Additionally, the report said that although the total amount stolen from crypto platforms in 2023 dropped significantly compared to previous years, attackers are becoming more sophisticated and varied in their methods. The positive side is that crypto platforms are also improving their security measures and response strategies.
When platforms respond quickly to exploits, law enforcement agencies can more effectively work with exchanges to freeze and seize stolen funds. They can also trace the flow of funds through services to gather critical information about accounts and users involved. As these processes continue to evolve, the likelihood of recovering stolen assets and reducing future crypto hacks is expected to improve, the report added.
Read More
- $1.7 Million Drained from Bedrock DeFi UniBTC Pool in Suspected Attack
- Security Breaches Hit Crypto Hard: $313 Million Stolen in August, Phishing Emerges as Top Threat
- Another Security Breach: Decentraland X Account Compromised
Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
