A security breach occurred on DEX Merlin, a platform for zkSync, a Layer 2 scaling solution for Ethereum. The breach was successful and resulted in a significant setback for the platform, as the hacker stole over $1.82 million in funds. This also led to the draining of the LP (liquidity pool).
As per the analysis of several security specialists in the blockchain industry, a synchronized hack was executed on the exchange, resulting in the theft of substantial digital assets. The reports indicate that the attackers successfully extracted a considerable amount of $1,823,477 worth of digital assets from Merlin’s Core Farming Pools, which included USDC, TAROT, and Ethereum (ETH) coins.
Shortly after its launch, DEX Merlin suffered a security breach. Despite undergoing an audit by CertiK, a blockchain security company, to provide confidence to prospective investors, the hackers were able to penetrate the network within days.
According to the available information, the cybercriminals associated all the purloined assets with the Ethereum blockchain network.
Merlin has recently disclosed plans to sell its highly sought-after Mage tokens publicly, which will run for three days. What’s even more enticing is that there is no set limit on the number of tokens investors can acquire.
The developers have disclosed that $MAGE tokens will initially trade at $45, with a remarkable market value of $850K. The tokens’ final price, however, will be determined by the total amount raised during the sale, creating a sense of anticipation among prospective buyers.
CertiK, a security firm that tracks blockchain data, has claimed to have identified the primary cause of the recent hack that targeted DEX Merlin. Their preliminary analysis suggests that the incident’s root cause may be related to private key management rather than an exploit.
The company recognizes that audits alone cannot completely safeguard against sensitive private matters, but they are committed to proactively promoting optimal project practices. If there is any suspected misconduct, CertiK will work alongside the relevant authorities and fully disclose all pertinent information. Be sure to stay tuned for further developments on this topic.