Mysten Labs, the Sui blockchain developers, is the latest company to suffer a crypto-hack. The company announced that its Discord server had been hacked.
The Blockchain company warned people not to click links on the server during the eight-hour period preceding the Twitter announcement. It also stated that they are working to correct the problem.
Twitter shared an unidentified screenshot that claimed hackers had placed a link for a crypto airdrop on their announcement channel. Mysten Labs announced such an announcement Saturday. No other updates have been made.
Mysten Labs’ first product, Sui, is a permissionless, proof-stake, blockchain. It was launched in March of this year.
Mysten Labs is a web3 infrastructure company founded by Evan Cheng and Sam Blackshear. They are also Adeniyi Abiodun and George Danezis who were all former developers for Meta’s ambitious cryptocurrency project Novi. The four experts were previously involved in the development and maintenance of the Diem blockchain.
Mysten Labs received a $36 million funding round last December from prominent investors including Andreessen Horowitz (Coinbase Ventures) and Coinbase Ventures. Mysten Labs stated last month that it was targeting a valuation of $2 billion.
$1.4 Billion was stolen through Breaches in this year
Crypto investors have been hit hard by scams and hacks this year. Cybercriminals have so far found a particularly useful avenue – blockchain bridges – to siphon customers’ funds.
As a method for cryptocurrency users to transact, blockchain bridges are becoming more popular. They connect networks to allow fast token swaps. Blockchain bridge technology allows crypto users to bypass centralized exchanges.
Since the start of this year, however, breaches of cross-chain bridges have cost around $1.4 billion. Chainalysis, a blockchain analytics firm, says that bridge exploits are occurring at an alarming rate since they are still a new phenomenon.
Wormhole was the most well-known bridge between the Ethereum and Solana blockchains. In February, a hacker stole $320 million.
Hackers stole $100 million worth of cryptocurrency from Horizon in June. Horizon is a blockchain bridge that was developed by crypto startup Harmony.
Hackers stole nearly $200 million from Nomad, an intermediary protocol that allows the transfer of crypto tokens across multiple blockchains, in early April.