On September 5, 2024, blockchain security firm Blockaid reported a significant victory in its battle against emerging cyber threats, successfully fending off a major attack from the newly upgraded Angel Drainer, known as AngelX. This advanced malicious code, which re-emerged on August 31, targeted decentralized finance (DeFi) protocols and crypto wallets, aiming to siphon funds from unsuspecting users. AngelX, an enhancement of the original Angel Drainer, features improved cloaking techniques and extends its reach to additional blockchains, including Tron and Toncoin.
Blockaid’s swift detection and response were crucial in mitigating the threat posed by AngelX, which had rapidly infiltrated over 300 harmful decentralized applications within a week of its launch. The upgraded drainer achieved a remarkable 90% evasion rate against existing security vendors, underscoring the sophistication of its design. Thanks to Blockaid’s intervention, the company successfully prevented potential losses estimated at $700,000, highlighting the ongoing challenges in Web3 security.
The resurgence of AngelX underscores the evolving nature of crypto-related cyber threats. Despite a reported 20% drop in overall crypto crime in the first half of 2024, the tactics of bad actors have become more refined, leading to an increase in stolen funds. The emergence of such advanced tools as AngelX indicates that cybercriminals continue to develop new methods to exploit vulnerabilities within DeFi protocols and crypto infrastructure.
In response to these growing threats, the crypto community is actively collaborating to enhance security measures. Initiatives like SEAL 911, which provides rapid response to security incidents, and alliances formed by major firms like Coinbase to create comprehensive information databases, are crucial steps in combating the rising tide of cyberattacks. As the industry adapts to these challenges, ongoing vigilance and innovation in security practices remain essential to safeguarding digital assets and user data.
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