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Bubblemaps: Attacker exploited a vulnerability to generate $50 million in NES, netting only $60,000 in profit.

51 minutes ago

On-chain analytics platform Bubblemaps published a report stating that Cosmos Labs previously disclosed a security vulnerability in its shared Cosmos EVM software, which has affected multiple blockchains using this module, including Nesa. The main attacker address 0x9AE7 first purchased approximately $250,000 worth of NES and bridged it to Nesa Chain, then exploited the balance vulnerability to inflate its holdings by 200 times, before bridging back around $50 million worth of NES to Ethereum. The wallet was initially funded with Monero-related funds; afterward, the attacker dispersed the tokens to multiple addresses, swapped NES for ETH via decentralized exchanges (DEXs), and deposited the proceeds into centralized exchanges. Due to the rapid withdrawal of liquidity from liquidity pools, most of the attacker’s trades experienced severe slippage. Bubblemaps noted that the attacker spent a total of roughly $255,000, ultimately receiving approximately $315,000 from the sale, resulting in a net profit of only about $60,000. NES’s price plummeted by 90% at one point, but has since recovered significantly, likely driven by arbitrage opportunities from price discrepancies between DEXs and centralized exchanges post-attack. Another Cosmos EVM project suffered an attack of around $1.4 million during the same period, but with distinct funding sources and operational methods, possibly carried out by a separate attacker.

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