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USDGambit and TLP hit by $1.5M Arbitrum hack
Loss of account access led to a $1.5 million theft on the Arbitrum network, affecting the USDGambit and TLP projects.
According to Cyvers, its security system detected several suspicious transactions on the Arbitrum network linked to a proxy contract vulnerability, resulting in estimated losses of around $1.5 million.
“Preliminary analysis suggests that a single user associated with the USDGambit and TLP projects may have lost access to their account. The attacker then deployed a new contract and upgraded the proxy administrator privileges to gain control,” CyversAlert wrote on its X page.
The stolen funds were later bridged to Ethereum and laundered through Tornado Cash, highlighting persistent vulnerabilities in DeFi projects and raising concerns within the cryptocurrency community.
Legal and technological security reinforcement is needed
Cyvers offers users protection against similar incidents. Although no official statements have been issued, proxy contract exploits underscore growing security challenges amid the expansion of decentralized finance (DeFi) projects on Layer 2 networks.
Moreover, Coincu reports that a similar incident in 2022 allowed attackers to steal more than $4 billion. Analysts believe that preventing such attacks in the future may require stricter regulation of proxy contracts and enhanced technological security measures for Layer 2 solutions.
ARB price dynamics over the past 24 hours. Source: CoinMarketCap
While the latest Arbitrum incident received limited media coverage, the ARB token fell by 0.6% over the past 24 hours and was trading around $0.22 at the time of writing, despite the broader crypto market rising by 2.2%.
As we wrote, Arbitrum: Mixed momentum readings support rally as bullish tone persists
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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