Across Protocol Scammed for $880k via Fake Discord Server
Crypto sleuth ZachXBT identified a security issue with Across Protocol, revealing that its documentation contained a link to a fake Discord server. The counterfeit server led to an $880,000 cryptocurrency theft from an unidentified blockchain entity, with losses in aEthWBTC due to a malicious ERC-20 permit message. Across Protocol confirmed the fraud, informed their community, and is working to remove the unofficial server. This event is significant as Across Protocol is a cross-chain bridge utilizing UMA's optimistic oracle, recently raising $10 million in funding.
Bearish
This report of a substantial theft via a fake Discord server can undermine trust in decentralized platforms and cross-chain protocols like Across Protocol, leading to a bearish outlook for investors and traders. Such incidents typically instill fear, generate negative sentiment in the community, and may cause traders to be more cautious, potentially driving down the price of associated tokens in the short term. If not addressed effectively, the impact could extend to other similar platforms, affecting the broader crypto market's stability.