Monero Wallet Loses $460,000 to Hackers

On September 1st, Monero, the popular privacy-focused cryptocurrency, fell victim to a hacking incident. The attack resulted in the theft of a significant sum, totaling 2,675.73 XMR, which was valued at approximately $460,000.

The news of this breach was brought to light by crypto journalist Colin Wu, who reported the incident involving Monero’s Community Crowdfunding System (CCS).

What makes this situation particularly concerning is that, as of now, the exact cause of the breach remains a mystery.

However, security experts are leaning towards the idea that there might be a flaw in Monero’s design that played a role in this incident.

Back in November, a Monero developer noticed a startling discovery: the CCS’s funds had vanished without a trace. This discovery has since prompted researchers to dig deeper into the matter.

Their investigation suggests that the hacker employed a Monero Android wallet equipped with a unique feature. This feature allowed the stolen funds to be split into multiple parts, which could have facilitated the theft.