Nexera Burns Stolen 32.5 Million NXRA Tokens After Hack

Nexera, a decentralized finance (DeFi) protocol, has burned 32.5 million of its native NXRA tokens involved in a recent hack as part of efforts to mitigate the incident and improve security. According to a post from blockchain security firm PeckShieldAlert, the 32.5 million NXRA tokens have been permanently removed from circulation.

In a second response to the hack, Nexera’s official X account announced several steps taken to mitigate the hack. They have completed their technical investigation and determined that their smart contracts were not compromised.

However, to mitigate the damage caused by the exploit, the Nexera team quickly froze the remaining 32.5 million NXRA tokens in the attacker’s wallet, concluding that only $440,000 of the total transferred NXRA tokens were actually compromised. The burning of 32.5 million NXRA tokens was an important action to maintain the stability of the Nexera ecosystem, the post said. This action prevented the stolen and frozen tokens from being used, traded, or circulated on the market.

Image: CryptoRank