blockchainreporter.net
The recent developments in the AI industry have significantly contributed to the tech industry in many ways. The recent use of this cutting-edge technology in detecting crypto exploitation is another such instance, highlighting the potential benefits of this sector in daily life. Although the crypto market has been going through a lengthy downturn, the exploiters have not stopped their activities.
AI-Driven System Spots Crypto Exploitation on WOOFi
Throughout recent years, such malicious actors kept on advancing their techniques and the use of technology. As per the reports, the methods that such people use have kept on evolving with time. Because of this, these actors have remained effective in targeting non-suspecting crypto users. Despite the increasing awareness about how such actors tempt their targets, their exclusive and unique techniques keep on deceiving people.
In the latest incident, an attacker exploited a huge amount of up to $8.5 million in Ether. Ethereum (ETH) has secured a crucial position among the crypto assets as the 2nd-largest cryptocurrency. The reports have disclosed that the attacker utilized Tornado Cash to successfully carry out the exploit. Cyvers Alerts, a platform that offers real-time security alerts, has detected the respective exploit.
🚨UPDATE🚨@_WOOFi's WooPPV2 contract has been exploited on ARB! and our AI powered system has detected the attacker's malicious transactions!👇
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 5, 2024
Total loss is $8.5M. Attacker was funded by @TornadoCash on $ETH.
Attacker started distrusting stolen funds to different EOA and other… https://t.co/hYf0F3QwHS pic.twitter.com/1s9NtbkabI
It took to its official X account and announced that the WooPPV2 contract of WOOFi had witnessed an exploitation. In addition to this, it also revealed that the company’s system is AI-driven and efficiently detects malicious transfers. According to Cyvers Alerts, the Attacker is responsible for making the respective transfers.
The Exploiter Uses Bridges to Distribute Stolen Funds on Diverse Chains
It added that the attacker began distributing the exploited funds to diverse chains. For this purpose, the exploiter reportedly utilized bridges. While moving on, it added that its team has halted vulnerable contracts. As per it, the consumers on Cyvers are now safe while the firm is continuously monitoring them.