The LCX Exchange was attacked, with Peckshield reporting a loss of $6.8 million in Ethereum-based tokens from Liechtenstein-based LCX AG. The Exchange was hacked, $6.8 million was transferred to the hackers’ wallet. One of the platform AG’s hot wallets was hacked as a result of a security vulnerability.
Most of the losses suffered included $ 3.4 million USDC, $ 2.2 million LCX, $ 504,000 ETH, $ 468,000 SAND, $ 114,000 QNK, $ 47.4,000 LINK, ENJ $ 10.8,000 and $ 9.7. K-value of MKR. What is LCX AG? Domiciled in Liechtenstein, LCX operates a regulated crypto exchange, a decentralized exchange aggregator, and a token sale platform.
What is LCX AG? Domiciled in Liechtenstein, LCX operates a regulated crypto exchange, a decentralized exchange aggregator, and a token sale platform. They also tweeted, “During this difficult period, we greatly appreciate the support from our customers, other exchanges, security experts, and the broader crypto community.”
Hacks are getting too frequent Hot wallet hacks are becoming more and more frequent. Recently, Bitmart lost $ 196 million when two hot wallets were hacked on December 5, 2021, resulting in the loss of ETH and BSC. Bitmart has promised to return the funds, but affected customers are growing impatient.
AscendEX disabled deposits after $77M worth of ERC-20, BSC, and Polygon tokens were transferred out of its hot wallet on Dec. 11, 2021.
Japanese exchange Liquid Global confirmed the hack of their hot wallets in August 2021. They moved all assets to cold storage wallets and suspended deposits and withdrawals.
Hot wallets have the advantage of being easy to use because they are always online. They come in the form of web-based wallets, mobile wallets, and desktop wallets. Cold wallets are offline and often come in the form of a USB flash drive, otherwise known as a hardware wallet. Hardware wallets are immune to hacking.
The LCX token has fallen 9.8% in the past 24 hours. It is “a long-term sustainable incentive mechanism to motivate various stakeholders to participate in the ecosystem”. The LCX token is issued by LCX AG in accordance with the laws and regulations of Liechtenstein. Based on assessments from law firms, the LCX token can be classified as a utility token under the laws of the United States, Singapore, and Liechtenstein.
Take these recent data breaches as an example. Scammers can use the breach data to SIM Swap your number and become you. Once the scammer and hackers have control of your number it is a matter of minutes to hours before they reak havoc on your entire life These scammers and hackers, now that they control your number, can gain access and steal all your bank accounts, crypto, social media, and other accounts. We take for granted how much our mobile controls in our lives.