The Curio decentralized finance (DeFi) project has fallen victim to a devastating attack, resulting in the unauthorized minting of 1 billion CGT tokens, valued at a staggering $40 million. Cyvers Alerts experts, estimating the damage at $16 million, identified a vulnerability in the permissioned access logic as the likely entry point for the hacker.
According to analysts at Cyvers Alerts, the exploit exploited a flaw in the permissioned access logic, allowing the attacker to generate an additional 1 billion CGT tokens within the Curio ecosystem. As a consequence, the hacker gained control of CGT tokens valued at nearly $40 million.
The warning from Cyvers Alerts follows an earlier caution from Curio, alerting the community about a potential smart contract exploit. The breach appears to have targeted the MakerDAO-based smart contract utilized within the Curio ecosystem on the Ethereum side.
In response to the breach, the Curio Ecosystem team assured users of their prompt action in addressing the situation and pledged to keep the community updated. They emphasized the security of all contracts on the Polkadot side and within the Curio Chain ecosystem.
The incident adds to the growing concerns surrounding security vulnerabilities in the DeFi sector. In February, the crypto industry witnessed a decrease in damages from hacks and scams, totaling around $67 million, compared to January. Notably, all reported attack vectors were linked to the DeFi sector, while centralized platforms remained unscathed.
Among the notable losses in February, gaming platform PlayDapp suffered a $32.35 million loss, while decentralized exchange FixedFloat lost $26.1 million. Additionally, cryptocurrency casino Duelbits reported a $4.6 million loss due to compromised private keys.
The Curio hack underscores the importance of robust security measures in safeguarding decentralized platforms and protecting user funds in the rapidly evolving crypto landscape.
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