A vulnerability in the syntax platform allowed a hacker to make off with $200,000. The hacking incident was discovered by Spectral Labs and has resulted in access to the platform being disabled until the issue is resolved.
Spectral Labs stated that the security breach occurred due to an issue in the bonding curve, where tokens were removed at a low price, allowing the hacker to exploit it. The company assures that measures are being taken to fix the problem thoroughly before resuming service.
The incident highlights ongoing threats of crypto hacks and exploits which plagued the industry. However, according to Immunefi, year-to-date losses in 2024 are 15% lower than the same period last year, a positive trend for digital asset investors.
Source: https://cointelegraph.com/news/spectral-labs-identifies-syntax-platform-vulnerability-pauses-contracts