Noones acknowledges $8 million exploit after ZachXBT raises concerns – Crypto News – Crypto News
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Noones acknowledges $8 million exploit after ZachXBT raises concerns Noones acknowledges $8 million exploit after ZachXBT raises concerns

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Noones acknowledges $8 million exploit after ZachXBT raises concerns – Crypto News

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9 months ago

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Noones, a peer-to-peer crypto marketplace, suffered a security breach resulting in approximately $8 million in losses.

On Jan. 24, on-chain investigator ZachXBT noted that the exploit likely occurred between Jan. 1 and Jan. 2, with the platform’s hot wallets processing hundreds of questionable transactions.

According to him, these outflows, each valued under $7,000, collectively amounted to $7.9 million and spanned Ethereum, TRON, Solana, and Binance Smart Chain (BSC).

The stolen funds were subsequently bridged to Ethereum and BSC before being funneled to the crypto mixer Tornado Cash.

Despite the severity of the incident, Noones reportedly refrained from addressing the breach at the time. Instead, the platform announced a routine New Year maintenance update.

However, after ZachXBT’s revelation, Noones CEO Ray Youssef publicly confirmed the exploit in a social media post. He attributed the breach to a vulnerability in the platform’s Solana bridge, which the security team promptly addressed.

He stated:

“On Jan 1 there was an exploit of our Solana bridge. Our security teams quickly responded and the situation was immediately contained. User funds SAFU and personal data SAFU.”

Youssef also disclosed that the Solana bridge, suspended during the maintenance period, will remain inactive until comprehensive penetration testing is completed. He emphasized the need for heightened security, stating that the platform will not restore the Solana bridge until it passes rigorous testing.

Market observers noted that the Noones breach is part of a troubling trend of exploits within the crypto industry.

On Jan. 23, the Phemex exchange confirmed that its platform had suffered a breach that resulted in significant losses. The attack has been reportedly linked to North Korea-backed hacker groups.

Last year, malicious actors stole roughly $3.6 billion in crypto, of which $1.3 billion was laundered illegally

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