This week, the cryptocurrency industry has faced several major hacking incidents affecting key market players. The most significant were the attacks on Radiant Capital, token theft via phishing, and the DNS attack on Ambient Finance.

Radiant Capital Loses $50 Million

Radiant Capital, a decentralized finance lending project, has fallen victim to a second hack this year, losing over $50 million. Hackers gained access to three out of eleven private keys that govern Radiant's multi-signature wallet, allowing them to modify smart contracts and embezzle funds. Earlier in January, the project suffered a loss of $4.5 million due to a vulnerability in Compound Finance's code.

Phishing Attack on Pepe Tokens

A phishing attack resulted in the loss of $1.39 million, primarily in PEPE and APU tokens. The attackers used the 'Permit2' method, tricking holders into signing fake addresses, enabling the token theft. This highlights the ongoing risk of phishing in the crypto industry.

DNS Hijacking Threat to Ambient Finance

The decentralized exchange protocol Ambient Finance was the target of a DNS hijacking attack. Hackers took control of the domain, and the company advised temporarily ceasing interaction with its frontend. This incident demonstrates the vulnerability of web infrastructure amidst the growing number of crypto projects.

These hacking incidents have highlighted the ongoing need to enhance security measures in DeFi and blockchain solutions. The attacks exposed weaknesses in systems, emphasizing the importance of continued efforts to address vulnerabilities.