Fun

Gnus.AI Discord hack causes $1.27M in losses

News Feed - 2024-05-07 03:05:17

Christopher Roark5 hours agoGnus.AI Discord hack causes $1.27M in lossesThe attacker was able to view team members’ private Discord messages, allowing them to gain access to the team’s wallet address and mint 100 million fake tokens.601 Total views9 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Gnus.AI artificial intelligence network lost approximately $1.27 million through a token-minting exploit on May 5. The team announced plans to release a new version of the Genius (GNUS) token and that users should no longer buy the old version.Source: Gnus.AI


Gnus.AI is a blockchain network that allows users to perform AI computations in exchange for tokens.


Related:AI Blockchain platforms attracted $5 billion in funding in Q1 2024


According to a May 6 post from blockchain security firm CertiK, the attacker pulled off the exploit by gaining the private key to the team’s account that begins with 0x18. Once they had control of this account, they copied the token’s “salt” data from Ethereum, allowing them to use the Axelar bridge protocol to create a Fantom network version of the token.


After that, 100 million fake GNUS tokens were minted, bridged to Ethereum and sold into the market. The resulting price crash transferred the wealth of existing tokenholders to the attacker, as the attacker received real assets in exchange for tokens that were created out of thin air.Source: CertiK


In a May 5 post on social media platform X, Gnus.AI CEO “SuperGenius” claimed that the 0x18 account was compromised when an attacker gained access to the team’s private Discord communications, stating, “Apparently the hackers can watch private messages on discord.”


SuperGenius stated that as a “quick fix,” the team will deposit $500,000 worth of Ether (ETH) from its own funds into a liquidity pool for the new token once it is launched. In addition, the team will deposit $500,000 worth of fees they are owed but that are currently locked until February 2025. This is a total of $1 million in compensation.


CertiK estimated that $1.25 million was lost in the exploit, which implies that the initial distribution of funds will cover 80% of losses.


Blockchain networks continue to experience exploit risks. However, some evidence indicates that these attacks may be declining as security practices improve. In April, rypto users suffered the fewest amount of losses from exploits since 2021, according to an April 30 report from CertiK.# Blockchain# Altcoin# Hackers# AI# Cybersecurity# HacksAdd reaction

News Feed

BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown
William Suberg9 hours agoBTC price to retest $72K as Bitcoin sets up $7B liquidation showdownBitcoin traders continue to look higher after a cooling-off period sees BTC price support stay firmly in place.7633 Total views
Bitcoin Ordinal Inscriptions Surge Past 100,000 Mark, Spurring Development of Supporting Infrastructure
Bitcoin Ordinal Inscriptions Surge Past 100,000 Mark, Spurring Development of Supporting Infrastructure According to the latest statistics, more than 100,000 ordinal inscriptions h
‘Buy the dip’ mentions on social platforms surge as Bitcoin stumbles
Brayden Lindrea5 hours ago‘Buy the dip’ mentions on social platforms surge as Bitcoin stumblesMentions of “buy the dip” on Reddit, X, 4chan and Bitcoin Talk doubled over the last two days as Bitcoin fell to lows
Hash Watch: Bitcoin Cash Miners Begin Signaling Node Implementations
Hash Watch: Bitcoin Cash Miners Begin Signaling Node ImplementationsThere’s 88 days left until the Bitcoin Cash upgrade scheduled for November 15, 2020, and the community has
Ana Paula Pereira11 hours agoAxelar partners with Microsoft for hybrid blockchain solutionsThrough the collaboration, Axelar will be the first cross-chain protocol to join Microsoft’s Azure marketplace.1783 Total views
BitMEX Exchange Exposes User Base in Email Mishap
If you have an account with crypto derivatives exchange BitMEX, there’s never been a better time to update your security preferences. On Friday at 08:00 UTC, BitMEX alerted it
David Attlee5 hours agoRegulators around the globe assert more control over crypto: Law DecodedFrom Hong Kong to Europe and the United States, regulators are pushing for more oversight and control over digital assets.504
Marcel Pechman8 hours agoBitcoin at $25K: Discount or disaster?This week, The Market Report discusses Bitcoin’s recent dip below $25,000 and what it means for the near future. Was it a discount or a disaster?2986 Total
Gemini to return at least $1.1B to Earn customers in settlement with NYDFS
Brayden Lindrea1 hour agoGemini to return at least $1.1B to Earn customers in settlement with NYDFSGemini said that 97% of the assets should be recoverable within two months and the remaining asset balance within the nex
Billionaire Peter Thiel Says Bitcoin Could Rise 100x — Unveils BTC’s Enemy List With Warren Buffett at Top
Billionaire Peter Thiel Says Bitcoin Could Rise 100x — Unveils BTC"s Enemy List With Warren Buffett at Top Billionaire Paypal co-founder Peter Thiel has compiled a list of bitcoi
Jesse Coghlan2 hours agoA third of US investors are open to trusting AI financial advice: SurveyIn a recent survey from the Certified Financial Planner Board, 31% of investors said they would be fine to follow AI financi
Reddit Post Reporting Tesla’s Bitcoin Purchase From a Month Ago Was a Hoax
Reddit Post Reporting Tesla"s Bitcoin Purchase From a Month Ago Was a Hoax A Reddit post that predicted Tesla’s $1.5 billion purchase of bitcoin on Monday