Multi-chain decentralized trading platform Nexera has suffered a $1.5 million exploit, forcing it to halt all trading operations.

Decentralized crypto exchange Nexera, also known as AllianceBlock Nexera, experienced a significant security breach, resulting in a $1.5 million loss in liquidity. Blockchain forensic firm Cyvers was the first to report the incident, identifying a suspicious transaction involving Nexera’s proxy contract.

🚨ALERT🚨Hey @Nexera_Official, Our system has detected a suspicious transaction involving your proxy contract. An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens.

According to Cyvers, the attacker gained control over Nexera’s proxy contract and upgraded it with new permissions. This allowed the hacker to use the withdraw admin function to transfer all NXRA tokens. Cyvers noted that the hacker is actively selling the exchange’s liquidity for Ethereum, with some funds already bridged to the BNB chain.

Announcement: The team is investigating an exploit involving smart contracts containing NXRA tokens. While we are still finalizing our findings, there are already a couple of things that we can share: 1️⃣ The $NXRA token contract has already been paused. Trading is halted on…

Following the attack, the Nexera team confirmed the exploit in a separate post, stating they are investigating the issue involving smart contracts containing NXRA tokens. Although the exact details of the hack are still under investigation, the NXRA token contract has been paused, and trading has been halted as the team finalizes their findings.

“We continue to investigate the exploit now and will come back here ASAP with follow-up steps. Thank you for your understanding and patience while we sort this out with the utmost priority,” the Nexera team stated.

Nexera, established in 2018 by Rachid Ajaja and Matthijs de Vries, facilitates trading between the Ethereum network and the Arbitrum layer-2 solution. The platform’s native token, NXRA, is used for various functions, including transaction fees and rewards within the ecosystem. Following the news of the exploit, the value of NXRA plummeted by over 40%, now trading at $0.037.

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