Nexera protocol exploited for $1.5 million in another smart contract security incident

Nexera, a decentralized finance (DeFi) protocol aiming to bridge DeFi with traditional finance, was hacked for $1.5 million worth of Nexera (NXRA)

A decentralized finance (DeFi) protocol was hacked on Aug. 7 for $1.5 million worth of digital assets in another smart contract security incident.

Nexera, a DeFi protocol that aims to bridge traditional finance with DeFi, was exploited for $1.5 million worth of Nexera (NXRA) tokens, an Aug. 7 X post by Cyvers reads.

The incident comes a day after Ronin Network was exploited for $9.8 million worth of Ether ETH $2,519 tokens by a suspected white hat hacker, who returned all the lost funds within a few hours.

The hacker is already on the run with the funds, which were stolen on Aug. 24.

The hacker has started selling part of the NXRA tokens for Ether, Cyvers noted, adding that the funds are being laundered via a cryptocurrency mixer.

Hackers often convert their stolen tokens into Ether to launder the funds via cryptocurrency mixers like Tornado Cash, making the origin of the funds harder to trace for cybersecurity firms.

The exploiter’s addresses are also linked to other on-chain exploits, onchain investigator ZachXBT noted, adding that the exploiter may have compromised private keys in the past.

The exploit occurred nearly three weeks after a hacker stole over $230 million from WazirX, an Indian cryptocurrency exchange, in the second-largest crypto hack of 2024 so far.