ThorChain declared insolvency with $200M in debts, halting operations for three months to devise a recovery plan.
Meanwhile, Singapore-based Phemex suffered a $70M hack, allegedly by North Korean cybercriminals, highlighting escalating DeFi security risks.
This week, several events affected DeFi projects and trades. ThorChain reported it cannot continue operating and has a $93 million deficit. At the same time, the Singapore-based exchange Phemex was hacked, resulting in a loss of more than $70 million.
The crypto world saw an increase in security problems and scams related to meme coins, overuse of social media, and malware in Google Ads.
ThorChain Causes General Confusion
ThorChain reported a serious financial problem and is unable to pay its debts. It has $200 million in debts but only $107 million in assets. To avoid a banking run, the team chose to pause some parts of the plan for three months to come up with a comeback strategy.
Phemex Exchange was hacked, and $70 million was stolen.
A serious security issue caused the Singapore market Phemex to lose more than $70 million. The security breach targeted hot wallets, resulting in loses of USDC, ETH, LINK, and several other assets.
Security investigators think that North Korean hackers carried out this attack due to their known past of large-scale cryptocurrency crimes.
Scams related to Trump are becoming more common as meme coins gain popularity.
Trump-themed joke competition. Scammers are targeting excited buyers with cryptocurrency tokens called $TRUMP and $MELANIA. The success of crypto memes helped hackers create fake websites and take over social media, resulting in $1.25 million from scams.
Fake Google Ads Are Targeting Crypto Wallets
Internet hackers are misusing fake Google Ads to make fake versions of real programs, like Homebrew. Crypto wallet users are in danger because this malware takes important wallet information, including passwords and wallet files.
Security experts advise cryptocurrency users to carefully look at ads and check the web addresses before downloading any software.
Nasdaq X Account Hacked to Promote STONKS Scam
A hacking group got into the official Nasdaq X account to inflate the price of a fake meme currency called STONKS, pushing it up to $80 million before it fell. This attack showed serious flaws in important accounts and highlighted the urgent need for better security measures to prevent similar attacks.
