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Cryptocurrency world is increasingly facing security vulnerabilities and hacks. The recent incident at Ethena Labs is another example of this troubling trend. A security flaw, not yet fully understood, allowed hackers to steal 480 BNB tokens worth $290,000 allocated for farming in the Binance launch pool. The on-chain security firm PeckShield announced the incident, but the exact mechanism behind the hack remains unclear.
Ethena (ENA) Falls Victim to Hack
Ethena Labs’ ENA token became a target of a hack before its introduction in the Binance launchpool. The system, which allowed users to farm the token by staking BNB or FDUSD, was active until the date of the exploit.
Particularly noteworthy was Ethena Labs’ USDe synthetic dollar, which was opened to the community just a few weeks ago. Launched on February 19, this dollar quickly gained significant interest and became one of the most profitable decentralized applications in the crypto world, offering an annual yield rate (APY) of 67% and attracting investors.
Security Concerns on the Rise
However, the hack at Ethena Labs brings the security concerns in the cryptocurrency world to the forefront once again. This event, occurring just a day after the Prisma Finance hack, reminds us of the fragility in the sector and the need for investors to be aware of the risks.
According to data provided by Immunefi, over $200 million was lost to cryptocurrency hacks and fraud in 32 separate incidents up to the year 2024. This figure represents a 15.4% increase compared to the same period last year. Moreover, in 2023, crypto pirates and scammers carried out hacks totaling $1.8 billion, with 17% attributed to the North Korean Lazarus Group. As this article is being written, PeckShieldAlert issued a warning note stating that the hack was carried out with a token sharing the same name as ENA.
