LCX Hacked For Over $6.8M Following ERC-20 Hot Wallet Exploit

Crypto exchange LCX and ERC-20 hot wallets have been hacked with over $6.8 million stolen, blockchain security firm PeckShield reported on Sunday.

PeckShield, which first discovered the hack, noted that the attackers stole a total of 8 different ERC-20-based tokens in the process including USDC, LCX, ETH, SAND, QNT, LINK, ENJ, and MKR.

Following the blockchain security firm’s report, the exchange also confirmed the hack via its Twitter handle, saying that it is taking “security measures to protect other wallets and assets.”

LCX also identified the hackers’ wallet to which the funds were being transferred.

“Ethereum blockchain-based assets such as ETH, USDC, EURe, LCX, and other assets have been moved to the Hacker’s ETH Wallet: 0x165402279F2C081C54B00f0E08812F3fd4560A05″ the exchange tweeted.

Crypto Crimes on the Rise

As crypto continues to surge exponentially, with a rapidly increasing market cap and edging towards the mainstream, scammers have also seen the space as an opportunity to get rich by preying on crypto investors.

These criminal activities have been going on for a long time and seem to never be reduced rather it has even been on the rise over the years.

For instance, crypto scams last year saw a significant 81% rise when compared to 2020, which amounts to a whopping $7.7 billion stolen from crypto investors.

Meanwhile, just late last year, Coinfomania reported that crypto exchange Bitmart suffered a major hack, with attackers stealing over $200 million hosted via Ethereum and Binance Smart Chain (BSC) blockchains.

Following the report, the hackers stole over 20 tokens including Safemoon, BSC-USD, Binance Coin (BNB), BPay, and substantial amounts of memecoins.

Peckshield, which first identified the hack, said it was a straightforward case of transfer-outs, swaps and washes.

Just a few days after the Bitmart incident, crypto exchange AscendEX announced that hackers have stolen over $80 million hosted on ERC-20, BSC, Polygon hot wallets.

More than 25 tokens were stolen from the three blockchain networks, according to Peckshield’s findings.