This breach consequently enabled the hacker to gain control over CGT tokens valued at close to $40 million. These findings from Cyvers Alerts come in the wake of a prior warning issued by Curio regarding a potential smart contract exploit.
Cyvers Alerts further highlighted that the compromised smart contract, which was based on MakerDAO, was a component of the ecosystem operating on the Ethereum platform. This revelation underscores the significance of ensuring robust security measures within smart contracts to mitigate such risks effectively.
Reassuringly, the Curio Ecosystem team has promptly responded to the breach, affirming their active engagement in addressing the situation. They have pledged to keep the community informed with updates on the progress of their efforts. Additionally, they emphasized that despite this incident, all contracts on the Polkadot side and within the Curio Chain ecosystem remain secure, aiming to instill confidence among users regarding the integrity of their platform.
In a broader context, the crypto industry witnessed a decline in losses attributed to hacks and scams during February, amounting to approximately $67 million, representing a notable decrease from the figures reported in January. Notably, all reported breaches during February were linked to the decentralized finance (defi) sector, with centralized platforms notably avoiding any significant incidents.
Delving into the specifics, the majority of losses incurred during February were attributed to breaches affecting platforms such as the gaming platform PlayDapp, which suffered.