US authorities have seized $31 million in cryptocurrency related to the April 2021 hack of the decentralized finance platform Uranium Finance.
Investigation into Uranium Finance Hack
The seizure was conducted through a joint effort between the SDNY and Homeland Security Investigations in San Diego. The Uranium Finance hack occurred due to a vulnerability in the platform's smart contracts, allowing hackers to steal millions. Uranium Finance, a clone of the automated market maker Uniswap, faced security issues with its pair contracts, resulting in a $50 million theft. Seized assets included approximately $36.8 million in BNB, Binance USD, and other cryptocurrencies, along with 80 BTC, 1,800 ETH, 26,500 Polkadot, and more.
Major Hacks in the Crypto Industry
Breaches and fund leaks continue to plague the cryptocurrency industry. Recent incidents include the theft of around $1.5 billion from Bybit, $13.7 million from M2, and $235 million from Indian exchange WazirX. These events underscore the need for enhanced protection of digital assets among crypto companies.
Security in the Cryptocurrency World
Many cryptocurrency platforms are increasing their efforts to protect their assets and user information. Measures include cooperation with law enforcement and security scholars. Developing multi-layer security infrastructure is crucial to preventing future incidents.
The seizure of cryptocurrency resulting from the Uranium Finance hack indicates ongoing law enforcement efforts to combat cybercrime in the DeFi sector. Meanwhile, crypto companies are strengthening security measures to protect assets and user funds.
