Alert! MonoSwap Hacked – Users Advised To Halt Deposits Immediately

MonoSwap, the distributed exchange and staking platform, said on July 24 that it has experienced a major attack, hence advising customers to take quick fund withdrawals. Related Reading: Sayonara! Gate.io Announces Withdrawal From Japanese Crypto Market The news rocked the crypto community as it underlined the constant dangers in the field of digital currencies. The […]

Jul 25, 2024 - 21:00

Alert! MonoSwap Hacked – Users Advised To Halt Deposits Immediately

MonoSwap, the distributed exchange and staking platform, said on July 24 that it has experienced a major attack, hence advising customers to take quick fund withdrawals.

The news rocked the crypto community as it underlined the constant dangers in the field of digital currencies. The hack started on July 23 when one of MonoSwap’s engineers unintentionally included a dangerous phishing programme. The developer was enticed into a call using a typical social engineering ploy meant to take advantage of human trust—scammers posing as venture capitalists.

MonoSwap Breached

Over the call, the con artists installed damaging codes on the engineer’s PC. Having access to all the wallets and contracts on the network, this weakness let the attackers empty most of the staked money.