GNUS.ai Hit by $1.27M Crypto Exploit on May 5 via Axelar

May 6, 2024, 04:53 PM

The cryptocurrency platform GNUS.ai suffered a significant security breach on May 5, 2024, resulting in the loss of approximately $1.27 million. The attacker exploited the integration with Axelar network by creating a counterfeit GNUS token on the Fantom blockchain, which was then exchanged for genuine GNUS tokens on the main Ethereum network and subsequently sold for 407 ETH. The fraudulent activities were initially detected and reported by various cybersecurity firms, including Beosin and CertiK. Beosin's KYT system has been monitoring the hacker's Ethereum address 0x548c63A6A7299AB54762E1BFA6b56c1B94C2A820, which attempted to launder the stolen funds through the OKX exchange. The exploit has caused substantial financial damage and raised concerns about the security measures of decentralized financial platforms.