DotSwap loses 8.5 BTC in four-hour hack
In four hours, 8.5 bitcoin were gone.
This afternoon, Bitcoin-native asset protocol DotSwap announced a security incident: on October 25, attackers exploited the server-side signing mechanism in the old V1 version and stole about 8.5 BTC from liquidity pools and V1 accounts within four hours, worth around $685,000 at current prices.
The announcement said, “All V1 deposits were affected, but users’ self-custodied wallets used for trading were not impacted.” The attack involved thousands of automated requests and 99 Rune tokens (small on-chain tokens). V1 has been taken offline, and the team is tracking the funds.
The market paid no heed. BTC is currently at $79,745, down 0.65% over 24 hours, while the funding rate is 0.0086%, around its usual level. Put simply, $685,000 isn’t enough to move the broader market.
Based on the data, the impact on $BTC is mildly bearish in the short term, and neutral for the broader market. On the other hand, if the stolen funds are moved to exchanges en masse and sold, or if the $79,429 low is broken, the bearish pressure could intensify.
In four hours, 8.5 bitcoin were gone.
This afternoon, Bitcoin-native asset protocol DotSwap announced a security incident: on October 25, attackers exploited the server-side signing mechanism in the old V1 version and stole about 8.5 BTC from liquidity pools and V1 accounts within four hours, worth around $685,000 at current prices.
The announcement said, “All V1 deposits were affected, but users’ self-custodied wallets used for trading were not impacted.” The attack involved thousands of automated requests and 99 Rune tokens (small on-chain tokens). V1 has been taken offline, and the team is tracking the funds.
The market paid no heed. BTC is currently at $79,745, down 0.65% over 24 hours, while the funding rate is 0.0086%, around its usual level. Put simply, $685,000 isn’t enough to move the broader market.
Based on the data, the impact on $BTC is mildly bearish in the short term, and neutral for the broader market. On the other hand, if the stolen funds are moved to exchanges en masse and sold, or if the $79,429 low is broken, the bearish pressure could intensify.