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A hacking attack is believed to be underway on the WAXP network’s multichain bridge, according to blockchain security firm Blockaid.
In a post on X, Blockaid said the attacker exploited a flaw in WAX’s smart contract withdrawal fee validation to generate withdrawal requests without paying actual assets, and tokens were then paid out on the Solana and Ethereum networks based on those requests. Through five transactions so far, about 52,986 USDC, 21,558 USDT, 840 DAI, 2.55 WETH and 0.11 WBTC have been drained, Blockaid said. The firm added the vulnerability stemmed from a design that allowed negative values to be entered for withdrawal fees, and said the code had not been fixed, leaving a risk of further attacks.