Hackers Strike Three Crypto Protocols in Four Days, Causing Millions in Losses

In recent days, hackers have targeted three crypto protocols, causing significant losses and raising concerns about security.

The first incident occurred on August 20 when Keeta Network's mainnet was switched to read-only mode due to a security issue with one of its components. The team issued a 72-hour ultimatum for the return of funds, which could be paid in KTA, ETH, or USDC. If the full amount is returned, Keeta is willing to discuss a bug bounty and resolve the matter without pursuing legal liability.

The second attack took place on August 22 when The Sandbox's cross-chain contract for SAND deployed on Base was compromised. Hackers exploited a vulnerability in the project team's contract to mint large amounts of SAND without collateral, leading to an estimated loss of $670,000.

The third incident occurred on August 23 when Term Finance executed a governance proposal, resulting in approximately $8.5 million being transferred out of its treasury. The attackers gained nearly all voting rights in one of the USDC strategy vaults and about 90% control over the ETH Meta Vault.