Cryptocurrency platform’s token plunges by 33% due to hacker attack

Hackers continue to attack cryptocurrency platforms, apparently trying to break their own record. This time, the XEN Crypto project’s token was affected by the so-called Sybil attack.

As explained by security experts, during a Sybil attack, the platform’s reputation system is undermined by faking an identity in a peer-to-peer network. As a result of the attack, the victim connects only to nodes controlled by the attacker. Thanks to the exploit, the hackers managed to mint more than 100 million XEN tokens, which plunged the price of the cryptocurrency by 33%. At the time of writing, XEN is trading at $ 0.1 575.

So far, XEN developers have not been able to stop the attack, so the attackers are still able to mint tokens. There is a high probability that XEN will fall even further.

As a reminder, according to Chainalysis analysts, cryptocurrency hackers are currently breaking all records of their own activity — in just 13 days of October, attackers managed to steal more digital assets than in any other month of 2022. The fraudsters managed to attack 11 cryptocurrency platforms, gaining $ 718 million — on October 11 alone, 4 exploits worth $ 122 million took place.