- The ZetaChain team reported an attack on its cross-chain. smart contract.
- The attackers issued unauthorized tokens and sent them to the address Ethereum.
The ZetaChain network suffered another smart contract attack, forcing it to suspend all transactions. The team stated that no user wallets were affected and that the team managed to mitigate losses.
ZetaChain is a first-layer public network compatible with the Cosmos ecosystem and the OmniChain project. The network allows applications to perform cross-chain transfers through a dedicated smart contract.
The main reason for the exploit turned A GatewayZEVM contract lacked access control and validation. An attacker was able to execute a malicious call to the contract to initiate a cross-chain transaction without sufficient support. The ZetaChain relayer accepted the transaction as valid and sent real funds to the target network, allowing the attacker to obtain real money.
At the moment, the identified losses are limited to USDC on a relatively small amount stored on Ethereum address. Losses were limited early on, but the funds were not frozen or marked.
After hacking native token ZETA was trading in its usual range at $0,054, According to CoinMarketCap. Since launch token has already lost over 96% of its value, and the news of the hack had almost no effect on its price. Especially since token was not the target of an attack and was not bought or sold by attackers.
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