Phony Ethena Labs Token Swindles $290K From Binance Launchpool Investors

The copy-cat token was exploited shortly after the launch of Ethena’s ENA token on Binance’s farming platform.

A fake token resembling Ethena Labs’s ENA was exploited for 480 BNB, worth $290,000, on Binance’s launch pool.

PeckShield, an on-chain security firm, reported the exploit of the fake ENA token, mistakenly identifying it as the real one.

The exploit occurred hours after Ethena Labs announced its ENA token on Binance Launchpool, leading to widespread confusion.

Ethena Labs introduced its USDe synthetic dollar on the mainnet on Feb. 19, becoming the highest-earning DApp in crypto.

While smaller in scale, the exploit occurred a day after the $11-million Prisma Finance hack on March 28.

Crypto hacks remain a persistent challenge, with over $200 million lost to hacks and rug pulls in 2024, as per Immunefi.

This represents a 15.4% increase from the losses in January and February 2023, totaling $173 million.

According to a report by Immunefi on Dec. 28, crypto hacks and scams accounted for $1.8 billion in losses in 2023, with 17% linked to the North Korean Lazarus Group.

The Amount Of Stolen Crypto Funds Dropped By 54% In 2023

The “2024 Crypto Crime Report” by Chainalysis reveals that while 2022 marked the peak year for crypto hackers with over $3.7 billion in losses, 2023 saw a 54.3% decrease to $1.7 billion.

Despite the decline in the value of stolen funds, the number of incidents increased from 219 in 2022 to 231 in 2023.

According to the report by Chainalysis, the notable annual decline was linked to a reduction in decentralized finance (DeFi) hacking incidents.

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