- The decentralized exchange Stabble urged users to pull liquidity after discovering its former CTO was allegedly a North Korean Hacker.
- The platform’s total value locked (TVL) dropped 62% following the emergency alert, falling from $1.75 million to less than $663,000.
- North Korean Hackers recently executed a complex, six-month exploit of Solana‘s Drift Protocol for more than $285 million.
A new team overseeing the Solana decentralized exchange Stabble issued an emergency call for users to withdraw their liquidity on Tuesday, creating a panic that drained most of the platform’s value. This drastic action followed revelations from a pseudonymous on-chain sleuth claiming the protocol’s former chief technology officer was an alleged North Korean hacker. Consequently, the firm’s total value locked plummeted 62% in the wake of the request, plunging from $1.75 million to less than $663,000 according to data.
The new protocol team posted on X a warning message stating, “EMERGENCY! guys please temporally withdraw your liquidity instantly! Better safe than sorry.” They later explained their primary focus was the safety of liquidity providers after receiving alarming information. However, there was no disclosed exploit on the platform itself.
Meanwhile, this incident occurs within a week of North Korean hackers allegedly completing a sophisticated scheme against Solana‘s Drift Protocol for $285 million. The attackers reportedly used fabricated professional identities and in-person meetings over six months before deploying malicious tools. This connection to North Korea is a long-standing issue in DeFi, following last year’s $1.4 billion hack of crypto exchange Bybit.
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