The DEXX trading platform has suffered a major cyber attack, raising concerns about on-chain asset security.

On the night of November 16th, a decentralized trading platform focused on Meme token trading suffered a severe cyber attack, resulting in the illegal transfer of a large amount of user assets. Preliminary estimates indicate that the loss could reach hundreds of millions of dollars. Security experts pointed out that the leak of user private key information is the main reason for this incident, but the specific leakage channels are still under investigation.

This incident severely undermined the market's trust in the platform and dealt a heavy blow to the recently active on-chain Meme market. At the same time, it once again raised concerns about asset security in blockchain.

Latest Developments of the Event

As an important platform for trading Meme tokens, this DEX not only provides trading and liquidity services but also supports project launches, staking, and lending, forming a complete Meme financial ecosystem. Its daily trading volume has consistently ranked among the top in DEXs and is regarded as a significant trading venue in the Meme coin market.

Technical experts have initially analyzed and found that the platform has two serious security vulnerabilities:

1. A non-custodial platform that records user private keys; once the system is attacked, hackers can easily obtain user private keys.
2. The user did not take encryption measures when exporting the private key, resulting in the private key being exposed in plaintext during transmission.

The platform's founder responded on social media, stating that the team is working hard to resolve the issue and has promised to compensate users for their losses. However, as the amount stolen continues to increase, most users express skepticism, believing that this could be a case of the platform's internal theft.

Impact on the Meme Market

After the event, the prices of several well-known Meme tokens fell to varying degrees:

• BAN dropped about 30%
• LUCE dropped by about 20%
• PNUT has dropped by about 12.5% at most.

It is worth noting that hacker attacks are still ongoing. As of the 17th, it has been confirmed that at least $13 million has been stolen, but the actual losses may far exceed this number. In addition to stablecoins, various popular meme coins and SOL have also been transferred.

The security team stated that the stolen funds are still held in an address controlled by hackers and have not yet been transferred. This situation increases market uncertainty and could have a serious impact on the Meme coin market and even the entire cryptocurrency market.

Asset Security Recommendations

In light of the recent frequent security incidents, investors should take the following measures to protect their assets:

1. Use a hardware wallet to store main assets.
2. Diversify funds by storing them in multiple wallets.
3. Choose a verified decentralized custody solution.
4. Carefully assess the security measures of the exchange or platform.
5. Consider purchasing cryptocurrency insurance.

Other security suggestions include:

• Treat recommendations from others with caution and thoroughly research the product mechanisms.
• Choose automated tools with a long operating time and a strong team.
• Be wary of suspicious links and direct messages on social platforms.
• Transfer funds to a self-controlled wallet promptly after large transactions.

In the current market environment, staying vigilant and ensuring asset security is crucial. It is recommended that investors relearn blockchain security knowledge and enhance their risk awareness.