Blockchain security firm SlowMist has linked over 8,620 Solana wallets to the $30 million exploit of DEXX, a memecoin trading platform. Initially reported on November 16 with $21 million in losses, the figure was later revised to $30 million due to memecoin price fluctuations. The hack affected at least 900 users, making it the second-largest crypto breach in November, following Thala’s $25.5 million incident.

Losses Exceed $1 Million for Individual Victims

Most victims reported losses under $10,000, but one user lost over $1 million. The stolen assets were rapidly converted into Solana tokens, complicating recovery efforts. Despite offering bug bounties and token rewards to the hacker, DEXX’s public and on-chain appeals have gone unanswered.

DEXX’s Response and Security Upgrades

DEXX is collaborating with SlowMist and law enforcement to strengthen security protocols and negotiate user compensation. However, reimbursement depends on recovering part of the stolen funds. SlowMist also plans to release wallet addresses linked to malicious actors across Ethereum, BNB Chain, and Base networks, hinting at potential cross-chain involvement.

Crypto Hacks Remain a Persistent Threat

The DEXX breach is part of a broader pattern of crypto hacks in 2024. Recent incidents include Radiant Capital‘s $50 million hack in October and BingX’s $52 million exploit in September. November alone saw $71 million in stolen funds, contributing to a staggering $1.48 billion in crypto thefts this year. Despite a 15% decline from 2023, these attacks underscore the urgent need for stronger security measures and regulatory oversight within the crypto ecosystem.

As the industry grapples with escalating cyber threats, platforms are under pressure to implement robust defences to safeguard user assets and restore trust.