Justin Sun buys $33 million worth of Lighter tokens…5.3% of circulating supply
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Summary
- It said suspicious transactions exploiting a proxy contract on the Arbitrum network resulted in fund losses of about $1.5 million.
- Cyvers Alert said its analysis indicates the operator account for the USDGambit and TLP projects was exposed, allowing an attacker to seize ProxyAdmin privileges and take control of the proxy contract.
- The stolen funds were moved from Arbitrum to the Ethereum network and then deposited into the privacy mixer Tornado Cash, and it urged heightened vigilance from project operators and infrastructure providers.
Suspicious transactions believed to have exploited a proxy contract on the Arbitrum network have been detected, with indications confirming losses of about $1.5 million.
On the 5th, blockchain security firm Cyvers Alert said on X (formerly Twitter), "We detected multiple suspicious transactions related to proxy contracts on the Arbitrum network," adding that "the estimated loss so far is about $1.5 million."
According to Cyvers Alert’s initial analysis, the operator account that single-handedly deployed and managed the USDGambit and TLP projects is believed to have been exposed. The attacker who gained control of the account reportedly deployed a new contract and then changed the administrative privileges (ProxyAdmin) so they could control them, thereby taking control of the existing proxy contract.
The funds drained in the process were moved from the Arbitrum network to the Ethereum network and then deposited into Tornado Cash, a privacy mixer used to obscure fund flows.
Cyvers Alert said, "This case once again shows how critical administrative privilege management is in proxy architectures," adding that "project operators and infrastructure providers need to exercise particular caution to prevent similar security incidents."
