Noones Crypto Marketplace Security Breach: $8 Million in Losses
A recent security breach at Noones, a peer-to-peer crypto marketplace, has resulted in approximately $8 million in losses. The breach was detected by on-chain investigator ZachXBT, who noted that the exploit likely occurred between Jan. 1 and Jan. 2.
Exploit Details
- The platform’s hot wallets processed hundreds of questionable transactions.
- Outflows, each valued under $7,000, collectively amounted to $7.9 million.
- Transactions spanned Ethereum, TRON, Solana, and Binance Smart Chain (BSC).
- Stolen funds were bridged to Ethereum and BSC before being funneled to Tornado Cash.
Response from Noones
Despite the severity of the breach, Noones initially refrained from addressing the issue and announced a routine New Year maintenance update. However, after ZachXBT’s revelation, CEO Ray Youssef publicly confirmed the exploit in a social media post.
“On Jan 1 there was an exploit of our Solana bridge. Our security teams quickly responded and the situation was immediately contained. User funds SAFU and personal data SAFU.”
Enhanced Security Measures
Youssef disclosed that the Solana bridge, which was suspended during the maintenance period, will remain inactive until comprehensive penetration testing is completed. The platform will not restore the Solana bridge until it passes rigorous testing to ensure heightened security.
Trend of Exploits in Crypto Industry
Market observers have noted that the Noones breach is part of a troubling trend of exploits within the crypto industry. Other recent breaches, such as the one at Phemex exchange, have resulted in significant losses and have been linked to North Korea-backed hacker groups.
Last year, malicious actors stole roughly $3.6 billion in crypto, with $1.3 billion being laundered illegally.