Originally published on: December 01, 2024
Spectral Labs recently uncovered a vulnerability in its Syntax platform that allowed a hacker to abscond with $200,000 worth of tokens. The Syntax platform, known for its no-code environment that enables users to create onchain AI agents, has temporarily disabled access and paused contracts to prevent further complications.
In a statement provided to Cointelegraph, Spectral Labs disclosed that the source of the vulnerability has been identified and that they are actively working with industry partners to address the issue promptly and restore services.
This incident comes amidst a surge in crypto hacks and fraud, with losses exceeding $71 million in November alone. Despite this, year-to-date losses are down by 15% compared to the previous year, indicating some progress in combatting security threats within the crypto industry.
Notably, Thala, a decentralized finance project, fell victim to a $25.5 million hack due to an isolated vulnerability in its v1 farming contracts. Fortunately, Thala was able to recover the stolen funds and collaborate with law enforcement to apprehend the hacker responsible.
Similarly, the DEXX onchain trading terminal suffered significant losses due to a private key leak, resulting in an estimated $30 million loss. This highlights the ongoing need for increased cybersecurity measures within the digital asset space.
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