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
Also Read, Chick-Fil-A Revises Antibiotic Policy Amid Industry Shifts
March Awakens Bitcoin’s Sleeping Giants: Vintage BTC Sees Unprecedented Activity
Bookmark and Follow us for More Business News
