BlockSec Foils Hackers' Attempt To Steal $5 Million From ParaSpace |

Jammy Hunts
Jammy Hunts

18 Mar 2023 8:16 PM

Though crypto hacks have been prominent since the blockchain industry emerged, blockchain security firms are working hard to bring security and transparency...

  • BlockSec, a smart-contract auditing firm, prevented a hacker from stealing $5 million in crypto funds on ParaSpace, a decentralized lending protocol on the Ethereum blockchain.
  • The vulnerability in the lending protocol allowed the hacker to borrow assets with fewer NFTs than required as collateral, but BlockSec detected the hack and modified the protocol in time to prevent the hacker from liquidating the crypto asset.
  • ParaSpace paused all operations until it erased the vulnerabilities identified through the exploit, and the hacker left an on-chain message asking BlockSec to return some of the gas fees he spent during the ParaSpace hack.
  • BlockSec has previously saved $2.4 million from the Platypus Finance exploiters in February 2022 and prevented hackers from stealing $3.8 million from Saddle Finance in April 2022.

The article highlights a successful prevention of a crypto hack by BlockSec, a smart-contract auditing firm, and emphasizes the importance of regularly assessing and updating security measures to stay ahead of potential threats. The sentiment is positive towards the efforts of BlockSec and the security measures in the blockchain industry.

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Related Questions

What is ParaSpace and what vulnerability in its lending protocol allowed the hacker to attempt to steal crypto funds?
How did BlockSec prevent the hacker from liquidating the crypto asset?
Why did ParaSpace pause all operations after the hack and what did the hacker's on-chain message say?
What other successful prevention of crypto hacks has BlockSec been involved in?

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