A fraudulent token named ENA, which mirrored Ethena Labs’ actual ENA token, was abused for 480 BNB tokens, worth about $290,000 on Binance’s launch pool.
According to on-chain security firm PeckShield at 8:31 a.m. UTC on March 29, the exploited vulnerability has yet to be detected. This occurrence, which occurred shortly after Ethena Labs’ ENA token placement on Binance Launchpool, sparked great misunderstanding.
Ethena Labs, notable for putting its USDe synthetic dollar on the mainnet in February, had tremendous success with its DApp, which offered a spectacular annual percentage yield (APY) of 67% on March 8.
Despite the attack, the financial impact is small in comparison to other cryptocurrencycurrency hacks, such as the March 28 hack of Prisma Finance, which cost over $11 million.
Crypto attacks continue to weaken investor confidence, with over $200 million lost across 32 instances in 2024 through February 29, representing a 15.4% rise over the same period in 2023. Chainalysis’s “2024 Crypto Crime Report” reveals a dip in total assets taken in 2023, attributed primarily to a drop in DeFi hacking, which fell by 63.7% year on year.
