The Merlin Dex Liquidity Pool Attack: What It Means for Crypto Investors
According to reports, the Merlin Dex liquidity pool (0x82cf66e9a45Df1CD3837cF623F7E73C1Ae6DFf1e) on the zksync chain was attacked on April 26, 2023, according to the Beosin EagleEy
According to reports, the Merlin Dex liquidity pool (0x82cf66e9a45Df1CD3837cF623F7E73C1Ae6DFf1e) on the zksync chain was attacked on April 26, 2023, according to the Beosin EagleEye security risk monitoring, warning, and blocking platform monitoring under the blockchain security audit company Beosin. The attacker’s address one (0x2744d62a1e9ab975f4d77fe52e16206464ea79b7) directly calls the transferFrom function to transfer the 811K USDC from the pool, and then uses Anyswap to cross chain to its Ethereum main network address. The attacker’s address two (0xcE4ee0E01bb729C1c5d6D2327BB0F036fA2cE7E2) extracts the ETH of 435.2 from the token 1 contract (WETH) and then uses Anyswap to cross chain to the Ethereum main network address (0x0b8a3 ef6307049aa0ff215720ab1fc885007393d), A total profit of approximately $1.8 million was made, and the Beosin KYT anti money laundering analysis platform found that the stolen funds were still stored on the two main Ethereum addresses of the attackers mentioned above. Beosin will continue to monitor the stolen funds.
ZkSync ecological DEX Merlin encounters an attack and funds are still stored on the attacker’s Ethereum main network address
Introduction
On April 26, 2023, the Merlin Dex liquidity pool on the zksync chain was attacked, resulting in the loss of approximately $1.8 million. This attack has sent shockwaves throughout the crypto community, as investors question the safety and security of their assets. In this article, we will take a closer look at the attack, what it means for crypto investors, and steps that can be taken to prevent such attacks in the future.
Background
According to a report by Beosin EagleEye, a blockchain security audit company, the Merlin Dex liquidity pool was attacked by a hacker who used two separate addresses to steal funds. The first address, 0x2744d62a1e9ab975f4d77fe52e16206464ea79b7, was used to transfer the 811K USDC from the pool. The second address, 0xcE4ee0E01bb729C1c5d6D2327BB0F036fA2cE7E2, was used to extract ETH of 435.2 from the token 1 contract, also known as WETH.
After stealing the funds, the hacker used Anyswap to cross-chain to their Ethereum main network address, 0x0b8a3 ef6307049aa0ff215720ab1fc885007393d. It is important to note that the stolen funds are still stored on the two main Ethereum addresses of the attackers mentioned above.
Implications for Crypto Investors
The attack on the Merlin Dex liquidity pool highlights the need for greater security measures in the crypto community. Investors need to be vigilant and take steps to protect their assets from hackers and other malicious actors.
One way to do this is by diversifying one’s portfolio across different exchanges and liquidity pools. This helps to minimize the impact of a potential attack, as the attacker will not be able to steal all of one’s assets in one go.
Another way to protect one’s assets is by using a hardware wallet, such as a Ledger or Trezor wallet. These wallets offer an added layer of security, as they are not connected to the internet and therefore cannot be hacked.
Steps to Prevent Future Attacks
To prevent future attacks on liquidity pools, exchanges and other crypto-related platforms need to take greater security measures. This includes implementing two-factor authentication, multi-signature wallets, and other security protocols.
Additionally, regulators need to play a greater role in ensuring the safety and security of the crypto industry. This includes implementing stricter regulations and guidelines for exchanges, liquidity pools, and other crypto-related platforms.
Conclusion
The attack on the Merlin Dex liquidity pool is a stark reminder of the risks associated with investing in the crypto industry. While the industry offers tremendous potential for growth and profits, it is also vulnerable to hacks and other security breaches.
To protect one’s assets, investors need to be proactive and take steps to prevent attacks. This includes diversifying one’s portfolio, using hardware wallets, and advocating for greater security measures in the crypto industry.
FAQs
1. What is a liquidity pool?
A liquidity pool is a pool of funds that investors can use to trade cryptocurrencies.
2. Can liquidity pools be hacked?
Yes, like any other asset or platform, liquidity pools can be vulnerable to hacks and other security breaches.
3. What can investors do to protect their assets?
Investors can protect their assets by diversifying their portfolio, using hardware wallets, and advocating for greater security measures in the crypto industry.
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