Curio Ecosystem Compromised as Hacker Creates 1 Billion CGT Governance Tokens

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Curio Ecosystem Compromised as Hacker Creates 1 Billion CGT Governance Tokens

Curio, a venture designed to facilitate companies in transforming real-world assets into liquid assets, has fallen victim to a cybersecurity breach resulting in a loss of approximately $16 million within its ecosystem.

The breach was attributed to a flaw in the permission access logic, enabling a malevolent actor to create 1 billion additional CGT tokens. This incident was flagged by Cyvers, a web3 detection and prevention initiative, on X.

These fraudulently minted CGT tokens, which the perpetrator still possesses, are valued at around $40 million, as indicated by Cyvers Alerts.

This alarming development was first brought to the public’s attention through a statement by the Curio Ecosystem on X last Saturday, which informed its community about the smart contract compromise.

According to the announcement, a smart contract associated with MakerDAO and utilized within the Curio ecosystem on the Ethereum blockchain was targeted. “We’re actively addressing the situation and will keep you updated. Rest assured, all Polkadot side and Curio Chain contracts remain secure,” the post assured.

Highlighting the benefits of a diversified blockchain infrastructure, the message on X mentioned, “This only impacted a portion of our ecosystem which highlights the importance for a multi chain infrastructure.” It also promised that a plan for recovery would be disclosed soon.

Source: The Block

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Pooja Chauhan

Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: admin@bollywoodfever.co.in

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