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Home » MonoSwap Hacked: Urgent Warning for Users to Withdraw Funds

MonoSwap Hacked: Urgent Warning for Users to Withdraw Funds

Hania by Hania
July 24, 2024
in Crypto Exchanges
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MonoSwap Hacked: Urgent Warning for Users to Withdraw Funds
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In a major security incident, MonoSwap, a decentralized exchange and staking platform, has fallen victim to a malicious hack. On July 24, the platform issued an urgent warning, advising all users to withdraw their funds and halt any new deposits or positions.

MonoSwap Hacked: Urgent Warning for Users to Withdraw Funds
source: x

Immediate Actions for MonoSwap Users

MonoSwap’s announcement came with a critical advisory for users: withdraw any funds currently on the platform to avoid losses. The platform emphasized that no new funds should be deposited, and users should not open new positions until the situation is resolved. Additionally, MonoSwap identified a malicious link circulating on social media and warned users to avoid interacting with it.

Unveiling the Hack: A Developer’s Mistake

The security breach began on July 23, when one of MonoSwap’s developers mistakenly installed a phishing application. The developer was tricked into a call with scammers posing as venture capitalists, allowing the malicious software to be installed on their computer. This software granted the hackers access to the platform’s wallets and contracts, enabling them to withdraw a substantial amount of the staked liquidity.

Efforts to Mitigate the Damage

MonoSwap is currently investigating the breach and assessing the damage. The platform is also in discussions with venture capitalists to secure support and ensure a more secure future for its users. MonoSwap has expressed its commitment to rebuilding trust and enhancing security measures moving forward.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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