TL;DR
- An exploit of a fake token related to Ethena Labs was reported on Binance’s Launchpool shortly after the launch of the $ENA token.
- Security firm PeckShield reported the incident. The exploit resulted in the loss of 480 BNB, valued at $290,000.
- To date, there has been a 15.4% increase in the amount of stolen funds in the first 2 months of the year compared to 2023.
Recently, an exploit of a fake token related to Ethena Labs was reported on Binance’s Launchpool. The crime occurred shortly after the announcement of the launch of the native ENA token from Ethena Labs, causing confusion and concern in the community.
The fake token, bearing the same name as Ethena Labs’ legitimate token, resulted in the loss of 480 BNB, valued at approximately $290,000. Although the gap that allowed this security breach has not yet been revealed, the incident highlights the cybersecurity risks facing the crypto industry, in this case, farming platforms and liquidity pools.
Introducing @ethena_labs $ENA on #Binance Launchpool!
Farm $ENA by staking #BNB and $FDUSD.
➡️ https://t.co/1VIrENbi2v pic.twitter.com/ZHiJ5eYCwc
— Binance (@binance) March 29, 2024
The on-chain security company PeckShield was responsible for reporting this incident, pointing out the illegitimacy of the token, which was not linked in any way to Ethena Labs or its ENA token. Users should be urged to carefully verify the projects and tokens in which they invest their capital, as well as to stay informed about updates and official communications from the teams behind them.
#PeckShieldAlert $ENA (Ethena Labs) on #BNBChain has been exploited, resulting in a loss of 480 $BNB (worth ~$290K)
— PeckShieldAlert (@PeckShieldAlert) March 29, 2024
Ethena Labs, Another Victim of Cybercrime
Such incidents are already commonplace. Despite efforts to improve security and protect users, hacks and scams remain a persistent problem affecting the credibility and integrity of the ecosystem as a whole. In 2024, there was a 15.4% increase in the amount of funds lost due to hacks and scams compared to the previous year.
According to Immunefi, about 32 incidents have taken place until the end of February, meaning that in just 60 days, hacks and rugs pulls in the industry resulted in the loss of over $200 million. At least $17 million more compared to the same period in 2023.
While this incident may be concerning, it also serves as an example to insist that companies must take greater security measures, and users must comply with them. Collaboration is essential to address these challenges and better protect assets and trust in the crypto industry.
