Nexera Burns 32.5 Million NXRA Tokens Stolen During Recent Hack

cryptonews.com:

Decentralized finance (DeFi) protocol Nexera has burned 32.5 million of its native NXRA tokens that were stolen as part of a recent hack.

In a Thursday post on X, blockchain security firm PeckShieldAlert confirmed the action, announcing that these tokens have been permanently removed from circulation.

In the crypto world, “burning” refers to the process of permanently removing a certain number of tokens from circulation.

This is usually done to reduce the total supply of a cryptocurrency, which can potentially increase the value of the remaining tokens.

Following the hack, the Nexera team launched a technical investigation, which revealed that their smart contracts were not compromised.

However, to prevent further exploitation, the Nexera team swiftly froze the remaining 32.5 million NXRA tokens in the attacker’s wallet, concluding that only $440,000 worth of the stolen tokens had been effectively compromised.

The project said the NXRA burn is a crucial step to ensure they cannot be used, traded, or circulated within the market.

Update 2

We recently concluded our technical investigation into the exploit and have determined that there is no issue with our smart contracts.

As mentioned in the previous update, we have already acted on freezing the $NXRA assets remaining in the attacker’s wallet and…

— Nexera (@Nexera_Official) August 7, 2024

The security incident occurred on August 7, resulting in the theft of $1.5 million worth of digital assets, including NXRA tokens.

The coordinated attack targeted multiple projects and protocols within the DeFi space.

The hacker managed to steal 47 million NXRA tokens, valued at approximately $1.76 million, and began liquidating a portion of them for Ether.

Additionally, some of the stolen funds