Cyvers, a leading blockchain security platform, has raised alarms regarding a significant security breach at Duelbits, a popular crypto casino site. Suspicious transactions totaling $4.6 million have been detected originating from Duelbits wallets across the Ethereum and BNB chains. This revelation has sent shockwaves through the cryptocurrency community, raising concerns about the safety and integrity of digital asset platforms.
Early Insights from Cyvers CEO
Cyvers CEO Deddy Lavid shared initial insights into the ongoing investigation. Lavid indicated that the root cause of the breach appears to be a loss of wallet access control, suggesting that private keys or access credentials may have been compromised.
Root Cause: Loss of Wallet Access Control
One of the most common tactics employed by hackers in such breaches is to convert assets into more liquid and widely accepted cryptocurrencies, such as Ethereum. This allows them to launder or hide the trail of stolen funds more effectively. In this case, the suspicious address associated with the breach swiftly converted various tokens into Ethereum, indicating a concerted effort to consolidate and obscure the origin of the funds.
Tactics Employed by Hackers
Furthermore, assets on the BNB chain were bridged to Ethereum in an apparent attempt to move funds across platforms and further obfuscate their origin. However, the hacker encountered a hurdle when attempting to bridge BNB to Ethereum due to a lack of gas fees. In a rush to overcome this obstacle, the hacker turned to FixedFloat, a service facilitating quick cryptocurrency exchanges, to acquire the necessary funds for the bridging transaction.
Attempt to Obscure Origins
As of the time of writing, Duelbits has yet to provide an official update or response regarding the security breach. The lack of communication from the platform has only fueled speculation and concern among users.
Utilization of FixedFloat Service
The implications of this breach extend far beyond Duelbits and underscore the importance of robust security measures within the cryptocurrency ecosystem. It serves as a stark reminder of the ever-present threat of hacking and the need for constant vigilance to safeguard digital assets.
Duelbits’ Response Pending
Cyvers continues to conduct a thorough investigation into the breach, collaborating with relevant authorities and stakeholders to mitigate further damage and prevent similar incidents in the future. In the meantime, users are advised to exercise caution and remain vigilant against potential security threats.
