The Wasabi Protocol suffered a significant hack on April 30, with estimates of losses reaching $5.5 million across multiple blockchain networks.
The Wasabi Protocol was compromised on April 30, resulting in losses estimated between $5 million and $5.5 million, according to cybersecurity experts. The breach impacted multiple blockchain networks, including Ethereum, Base, Berachain, and Blast.
PeckShield reported that the hacker exploited vulnerabilities to withdraw significant funds from the protocol. The individual gained access to an administrative key and manipulated a Wasabi wallet to alter the contract's management logic. This allowed for the unauthorized withdrawal of assets.
Security experts criticized Wasabi's lack of robust security measures, highlighting that the management was controlled by a single externally owned account (EOA) without appropriate safeguards such as multisignatures or time-locks. This oversight facilitated the hacker's ability to access the private key easily, raising alarms within the crypto community.
BlockSec noted that the administrative roles were linked to wallets funded via Tornado Cash, a crypto mixer. The stolen assets included various cryptocurrencies such as WETH, PEPE, and USDC, which the hacker has reportedly converted into ETH and distributed across multiple addresses.
The Wasabi team confirmed the incident and cautioned users against interacting with the protocol's contracts until further updates are provided. They promised to share more information as it becomes available.
This incident follows a series of recent hacks in the crypto space, including an attack on the Ethereum infrastructure project Syndicate, which suffered losses of $330,000, and a breach of the Aftermath Finance exchange that resulted in a theft of approximately $900,000 in USDC.
