How Monero became the victim of a new exploit

• The hackers made off with approximately $453 million worth of XMR.
• Investigation revealed that the attacker used a non-custodial wallet for the transaction.

Although unknown to many people, Monero [XMR] The network was severely attacked on September 1st. However, details of the exploit were first made public on November 3 by blockchain research firm Moonstone Research.

read Monero's [XMR] price prediction 2023-2024

This was after an investigation was conducted to identify the culprit.

attacker passes corner

According to the report, the hackers made off with 2675.73 XMR belonging to Monero Community Crowdfunding System (CCS). This project he started CCS as a way for members to obtain funding for approved proposals.

At prices at the time of writing, AMBCrypto's currency converter showed that the value of XMR transferred was worth $453,616. On the other hand, Moonstone is reportnoted that they were able to observe nine transactions of the attacker.

Source: Moonstone Research

However, it noted that only three of the nine transfers could be reliably tracked. Investigation using the Crescent Discovery report revealed that the attackers confirmed that a large number of banknotes were involved in this movement.

The Crescent Discovery report is a way to find out where criminals spend the proceeds of their illicit funds. This is done by tracing the difficult transaction graph forward or backward. The hackers also apparently used the enotes approach to make transactions difficult to trace.

For context, enote is an encryption hardware solution. Connecting Off-chain and on-chain transactions together. Moontome admitted that the transaction was difficult to trace, but ultimately moved forward, stating:

“This transaction uses 17 input enotes and creates 11 output enotes. We observe the following 9 poisoned banknotes within the transaction's ring, each with its own It is from the origin transaction.”

XMR is not affected as the search continues

On the other hand, even if details of the exploit were revealed, it would have no effect on XMR based on price fluctuations. Like other coins on the market, Privacy Coin has been in the green state, rising to $169 in the process.

Santimento data Indicated Although the volume has decreased over the past 24 hours, it does not appear to be due to the developments described above.

Source: Santiment

Regarding the hardware solution used in the hack, Moonstone noted that it was likely Monerujo. Monerujo is a non-custodial Monero wallet with a “pocket change” feature. This feature helps you create multiple notes that the hacker may have used.

In concluding its investigation into this incident, Moonstone revealed that the missing funds were transferred to an exchange or exchange using Monerujo PocketChange. He then called on the Monero exchange and his Survival provider to alert them to any suspicious activity.

Realistic or not, here it is XMR market capitalization (BTC conversion)

moreover, discussion Regarding the incident on the social media platform Reddit. For some, this development means Monero must pay serious attention to the way it conducts transactions.

Comments from user futuristicchaos on the platform were critical of the Monero project. The comment read:

“It's embarrassing that they didn't use multisig. Despite all this, Monero is still the best privacy coin ever. I hope they improve opsec, but… Even that amount seems like a lot to us, but to the core team of OGs it is just a small amount.”