Just another normal day in crypto, and the exploit season never ends.
Triple-A, a payment protocol that enables businesses to pay and get paid globally, has become a victim of yet another cryptocurrency hack. The exploit resulted in a loss of more than $9.70 million on multiple chains.
This exploit comes two days after the crypto space saw $35 million vanish in three separate exploits in a single day. Are hackers outwitting the existing blockchain ecosystem?
Triple-A loses $9.7M in crypto to a hack
As per PeckShieldAlert, Triple-A wallets lost more than $9.7 million after hackers drained tokens across 4 chains and the amount could be more. These chains exploited in the Triple-A hack included TRON [TRX], Ethereum [ETH], Polygon [POL], and Arbitrum [ARB].
Notably, the bridge on the Arbitrum chain continues to be involved in most of these hacks.
The exploiter bridged the stolen funds to Ethereum, as in almost every other hack. Currently, the funds have been consolidated in an address containing 5,227 ETH, equivalent to $9.696 million.
What is worrying is the fact that Triple-A is yet to acknowledge the attack. Deposits are still live, and new funds continue to be drained, a classic hot wallet custody failure.
Users have criticized the silence of the Triple-A team, which is acting like it is not happening. However, some users suggest that it could be a developer rather than a hacker.
Crypto hacks skyrocket in July
The hack is an indication that hackers could be outwitting the existing blockchain infrastructure. Some recovery attempts have been successful, but most of the hacks have left institutions counting losses.
Two days ago, there were three crypto attacks on BSquared Network, AFX Trade, and the Verus-Ethereum bridge. The new hack takes the total hacked capital to $41.83 million this week, as per DefiLlama.
By extension, crypto has lost about $106 million to hacks this month of July, with still 6 days to go. Bonzo Lend leads in the largest funds lost this week, at about $10.05 million.
In the past 90 days, $264 million has been extracted from crypto through exploits. On average, that is $2.90 million per day across 94 exploits. The pace appears to be increasing with each new generation of more capable AI models.
These hacks reinforce the sentiment that DeFi could be bracing for another FUD cycle similar to the one seen in Q1 and Q2.
Final Summary
- Triple-A lost $9.70 million to an exploit that affected the TRON, Ethereum, Polygon, and Arbitrum chains.
- The exploiter bridges funds to Ethereum as the weekly total value hacked reaches $41.83 million.
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