DEXX Meme Coin Trading Terminal Grapples With a Major Security Breach Resulting in $16.79 Million Loss

DEXX, a meme coin trading terminal, is at the center of a major security breach that has left users grappling with significant losses.

A major security breach has hit DEXX, a meme coin trading terminal, leaving users to contend with substantial losses. As reported, unauthorized token transfers drained $16.79 million in user funds.

The brunt of the losses fell on BAN and LUCE tokens, with $3.45 million and $1.75 million drained, respectively, out of the total amount lost.

The DEXX team acknowledged the issue with a public statement, addressing the users and assuring them that the situation does not involve a rug pull. They have engaged multiple professional security audit teams to identify and resolve the vulnerability. Updates on the progress will be communicated through in-app notifications and social media platforms, including X and Telegram, the team added.

CertiK, the leading blockchain security auditor, confirmed receiving help requests from affected users. Their investigation revealed that the core issue was improper private key management, which led to the exposure of DEXX’s official private key.

CertiK clarified that the compromised system resides on the Solana blockchain, which was outside the scope of their earlier audits for DEXX. The firm highlighted the critical need for robust private key security to safeguard user assets and pledged to continue monitoring the situation closely.

Meanwhile, OneKey, a hardware wallet provider, suggested that DEXX might have inadvertently uploaded users’ clipboard content, which could potentially expose sensitive information. This claim adds to the speculation about possible operational lapses within the platform.

The incident has sent shockwaves through the crypto community, with many questioning the platform’s security protocols and the role of third-party auditors. DEXX’s claim of being audited has drawn criticism, especially as the breach revealed glaring vulnerabilities in private key management.

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