Just another normal day in crypto, and exploit season never ends.
Triple-A, a payments protocol that allows businesses to pay and get paid around the world, has been the victim of another cryptocurrency hack. The exploit resulted in a loss of over $9.70 million across multiple channels.
This exploit comes two days after the crypto space saw $35 million disappear in three separate exploits in a single day. Are hackers disrupting the existing blockchain ecosystem?
Triple-A loses $9.7 million in crypto due to hack
According to PeckShieldAlert, Triple-A wallets lost over $9.7 million after hackers drained tokens on 4 chains and the amount could be higher. These chains exploited in the Triple-A hack included TRON (TRX), Ethereum (ETH), Polygon (POL), and Arbitrum (ARB).
Notably, the Arbitrum on-chain bridge continues to be involved in most of these hacks.
The exploiter transferred the stolen funds to Ethereum, as in almost all other hacks. Currently, the funds have been consolidated into an address containing 5,227 ETH, the equivalent of $9.696 million.
What’s concerning is that Triple-A has yet to acknowledge the attack. Deposits are still active and new funds continue to be drained, a classic failure of keeping your wallet warm.
Users criticized the silence of the Triple-A team, which acts as if nothing happened. However, some users suggest it could be a developer rather than a hacker.
Crypto Hacks Skyrocket in July
The hack indicates that hackers could defeat existing blockchain infrastructure. Some recovery attempts have been successful, but most hacks have left institutions counting their losses.
Two days ago, three crypto attacks took place against BSquared Network, AFX Trade and the Verus-Ethereum bridge. The new hack brings the total capital hacked to $41.83 million this week, according to DefiLlama.
By extension, crypto has lost around $106 million due to hacks this July, with 6 days left. Bonzo Lend leads the biggest lost funds this week, with around $10.05 million.
Over the past 90 days, $264 million has been mined from crypto through exploits. On average, that’s $2.90 million per day for 94 exploits. The pace seems to be accelerating with each new generation of more efficient AI models.
These hacks reinforce the feeling that DeFi could be preparing for another FUD cycle similar to that seen in the first and second quarters.
Final summary
- Triple-A lost $9.70 million due to an exploit that affected the TRON, Ethereum, Polygon, and Arbitrum chains.
- The exploiter links the funds to Ethereum as the total weekly value hacked reaches $41.83 million.
