A counterfeit token mimicking Ethena Labs’s ENA token changed into exploited for 480 BNB tokens rate roughly $290,000. This incident came about on the Binance Launchpool moral hours after the right ENA token changed into listed for yield farming.
On-chain security company PeckShield in the starting up reported the incident on March 29, mistaking the counterfeit token for the legit ENA token. Ethena Labs, the decentralized finance (DeFi) protocol within the help of the $1.3 billion USDe “synthetic dollar,” had announced the checklist of its ENA governance token on the Binance Launchpool earlier that day. The vulnerability within the help of the exploit stays unknown, causing frequent confusion amongst traders.
While moderately puny in comparison to other most recent crypto hacks, the exploit highlights the ongoing discipline of security vulnerabilities within the trade. In step with blockchain security company ImmuneFi, over $200 million rate of crypto changed into misplaced in 2024 alone, most of which were attributed to hacks and rug pulls one day of 32 separate incidents main as much as February 29. This statistic represents a 15.4% build bigger in comparison to the similar period in 2023.
On the opposite, blockchain analytics company Chainalysis claims in its 2024 Crypto Crime Epic that there changed into a necessary decline in hacks linked to decentralized finance. Between 2022 ($3.7 billion) and 2023 ($1.7 billion), a decrease of 54.3% in phrases of funds stolen changed into recorded. Despite the associated rate going down, the payment of incidents grew from 219 to 231 over the similar period.
The airdrop which Ethena Labs announced this week involves 750 million ENA tokens representing 5% of its entire present. USDe, a governance token issued by Ethena Labs, is in point of fact appropriate within the trade as one amongst the first in actual fact “synthetic” dollar tokens. It’s worth quickly rose from $85 million on initiate to roughly $1.3 billion on the time of writing.
This token supplies a stable yield ratio for traders by making reveal of ether liquid staking tokens equivalent to Lido Finance’s stETH as backing assets. With this yield farming route of, the backing tokens are paired to an equal worth of short ETH perpetual futures explain. Here is route of is accomplished on derivatives exchanges to withhold a “tough target” shut to the $1 worth.
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