BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Researchers Foil $10M DeFi Backdoor Attack, Suspected Link to Lazarus Group

by Abimbola Adu
Jul 10, 2025 - 3:53 pm
in Blockchain, Sticky
Venn Network researchers work together to neutralize a $10M backdoor exploit in smart contracts linked to DeFi protocols.

Researchers Disable $10M Backdoor Exploit in DeFi Space

In a major win for the crypto community, security researchers found and disabled a backdoor exploit in decentralized finance (DeFi) protocols that exposed over $10 million of cryptocurrency. The attack, targeting a multitude of smart contracts, is suspected to be linked with North Korea’s Lazarus Group due to its sophistication and large-scale deployment.

Exploit Targeted Uninitialized ERC-1967 Proxy Contracts

The bug was discovered by the Venn Network’s anonymous researcher Deeberiroz, who tweeted the news on Thursday. The bug targeted uninitialized ERC-1967 proxy contracts, allowing attackers to seize contracts before they were fully deployed. The backdoor was not discovered for months, quietly threatening the ecosystem.

36-Hour Rescue Operation Foils Attack

After the bug had been discovered on Tuesday, Venn Network launched a 36-hour rescue operation involving a team of various developers and security experts, including Pcaversaccio, Dedaub, and Seal 911. By their collaborative efforts, vulnerable funds were protected, and the possible theft of millions was prevented.

According to Venn Network’s Or Dadosh, the malicious implementations were inserted by the hacker when deploying the contracts, allowing hijacking of the contracts unbeknownst. The backdoor was designed to kick in only after the contract had been initiated, making any malicious activity almost untraceable.

Berachain and Other DeFi Protocols Secure Assets

The Berachain team, one of the protocols targeted, responded quickly by freezing the exploit contract and transferring its balance to a fresh secure contract. The quick response saved no user funds. Other DeFi protocols also secured their assets, with most responding just in time to prevent attacks.

Suspected Lazarus Group Involvement

David Benchimol, a Venn Network security researcher, believes the attack can have been conducted by the Lazarus Group, a notorious North Korean hacking group. Benchimol saw the sophistication of the attack and its deployment on all Ethereum Virtual Machine (EVM) chains as an indication of the attack being organized, although he emphasized no clear endorsement bringing together Lazarus and the exploit.

Conclusion

Though the assault was thwarted effectively, the magnitude and surreptitious nature of the operation have become a point of concern regarding the sustained security threats in DeFi systems. With millions of dollars hanging in the balance, this incident serves to underscore the necessity of ongoing caution as well as enhanced security in smart contract development and deployment.

Tags: Web3
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service