BlockSec, a cybersecurity firm, successfully thwarted a major hacking attempt on ParaSpace, a digital asset management company. The hackers were attempting to steal $5 million in digital assets but were blocked by the advanced security measures put in place by BlockSec. This incident highlights the importance of having robust cybersecurity in place to protect against potential threats to digital assets. BlockSec’s quick response and effective defense showcase their expertise in preventing cyber attacks and keeping sensitive information secure.
BlockSec, a smart-contract auditing firm focused on building security infrastructure, successfully stopped a hacker from stealing $5 million in crypto funds on ParaSpace, a decentralised lending protocol on the Ethereum blockchain. The lending protocol’s vulnerability in the smart contract allowed the hacker to borrow assets with fewer non-fungible tokens than required as collateral, which allowed them to drain the liquidity protocol. However, the hacking attempt was detected and prevented by BlockSec. ParaSpace paused operations until vulnerabilities were identified and fixed. The smart-contract auditing platform has previously saved $2.4 million from Platypus Finance exploiters in February 2022 and prevented hackers from stealing $3.8 million from Saddle Finance in April 2022. As cyber attackers continue to evolve and develop new methods, it’s crucial for companies to regularly assess and update their security measures to stay ahead of potential threats.