FTX, the well-known cryptocurrency exchange, has been in the news for a variety of reasons. In 2022, FTX has been in the news for a variety of reasons, including speculations that the platform was set to acquire Huobi and Skybridge and Sam Bankman Fried’s [SBF] efforts to assist failing businesses. This time was no different.
According to an article published on October 13 by opang & X-explore, the crypto exchange FTX lost a total of more than 81ETH due to a GAS theft vulnerability while the hacker’s address gained over 100 million XEN Tokens and used DoDo, Uniswap, and Decentralized Trading Platforms to convert some XEN into 61 ETH and transfer to FTX and Binance.
Someone is stealing GAS by exploiting FTX’s loopholes. XEN TOKEN has been minted 17,000 times at 0 cost, and the GAS theft is still in progress. According to @x_explore_eth. There are many same abnormal small-amount transfers in the FTX withdrawal hot wallet address. https://t.co/vhzeWSHVKB
In the FTX withdrawal hot wallet address, numerous identical odd small-amount transfers have been made. Analyzing the transaction information further reveals that each transaction attacking the contract spawns 1 to 3 sub-contracts, which initially carry out Mint or Claim of XEN Token operations. These contracts will eventually self-destruct. The FTX hot wallet address covers all of the gas costs for these transactions.
The vulnerability research reveals that the exchange places no limitations on the receiver address, which serves as the contract address. The ETH Native Token’s Transfer GAS Limit is also unrestricted, but the processing charge is calculated using the Gas estimation method.
Most GAS LIMITS produced by this method are 500,000, which is 24 times greater than the normal amount of 21,000. With the same gold withdrawal address, there are numerous minor transfers. A removal of gold was an event that seemed strange.
The theft of GAS is still ongoing. Withdrawals from the exchange are fee-free, which offers attackers enormous ease at no cost to steal.
FTX and VISA collaboration in 40 countries for crypto payments
In the past few months, the bear market has caused enormous loss to a large number of people. Platforms, however, continued to increase their interest in cryptocurrencies despite this. The newest agreement between Visa, a major player in payments, and the sector demonstrated this. This partnership was supported by Sam Bankman-cryptocurrency Fried’s exchange, FTX.
According to its most recent agreement, FTX anticipates launching debit cards in 40 nations. With this debit card, clients could make transactions without removing their cryptocurrency from the exchange, unlike with ordinary debit cards.
The worry about the risk associated with crypto assets persists despite the ever-growing interest in it. Nothing is risk-free, you do the best you can, according to Prabhu. But according to reports, Visa has been embracing innovation while preserving the Visa name.