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Radhika Parashar
- SuperRare is yet to confirm or deny reports of the hack
- Nearly 12 million RARE tokens have reportedly been stolen as part of the attack
- The current price of the RARE token stands at $0.05604
A staking smart contract vulnerability of NFT art platform SuperRare was reportedly breached on Monday, July 28. The attack resulted in the loss of $730,000 worth of RARE tokens, that make for the native cryptocurrency of the platform. As of now, SuperRare has neither denied nor confirmed the reports on a public domain.
Everything to know about SuperRare’s breach
A number of on-chain intelligence firms have reported the data breach and have also published their respective findings.
SolidityScan, a platform that provides automated smart-contract auditing services, claimed that the contract that was breached within the SuperRare ecosystem is called the “RareStakingV1”. Without sharing elaborate technical details on this contract, SolidityScan further claimed that nearly 12 million RARE tokens were stolen in this attack owing to “a flawed access control”.
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As per CoinMarketCap, RARE token dipped by eight percent in price to trade at $0.05604 at the time of writing.
Blockchain fraud detection platform, Cyvers, pointed out that the attacker’s wallet address traced back to the controversial crypto mixer, Tornado Cash. This mixer allows individuals to convert their tokens into others by passing them through a common pool of different assets — making their transactions harder to be traced.
“The attacker’s address, funded via @TornadoCash approximately 186 days ago, executed the exploit. The stolen funds currently remain in the attacker’s contract and have not yet been swapped,” the official X handle of Cyvers Alerts claimed, sharing related screenshots as data evidences.
CoinHeadlines has reached out to SuperRare for a clarification on the situation. A reply from the Newark, U.S.-based platform remains awaited for now.
SuperRare hack expands list of recent exploits
Chainalysis data estimates that over funds worth over $2.17 billion have already been displaced from the crypto sector owing to hacks and breaches.
During the month of July alone, the exploits of India’s CoinDCX crypto exchange and Taiwan’s WOO X exchange made it to the headlines. While CoinDCX reportedly suffered $44 million in losses, nine users of WOO X collectively lost $14 million to the attack.
As per reports from TRM Labs and Digital Watch Observatory, the use of sophisticated technologies like Artificial Intelligence (AI) has risen among hackers, allowing them to facilitate more advanced attacks.
