The crypto world was shaken as blockchain security firm SlowMist revealed that over 8,620 Solana wallets were connected to the $30 million hack on memecoin trading platform DEXX. The incident, initially estimated at $21 million, has now been declared the second-largest crypto breach in November 2024, after Thala’s $25.5 million hack.

Complex Exploit Targets 900+ Users

First reported on 16 November, the DEXX breach affected at least 900 users, with most losing under $10,000. However, one user suffered losses exceeding $1 million. The stolen funds were quickly converted to Solana tokens, complicating recovery efforts. Memecoin price volatility further raised the total estimated losses to $30 million.

DEXX’s Response to the Breach

In response, DEXX has implemented damage control measures, including offering a bug bounty and token rewards to encourage the hacker to return the funds. Despite these efforts, and public on-chain appeals, the hacker remains unresponsive. The platform is working with SlowMist and law enforcement to recover assets and is upgrading its security protocols while negotiating compensation plans for affected users.

The DEXX incident is part of a broader pattern of crypto breaches in 2024. Radiant Capital lost $50 million in October due to a smart contract exploit, while BingX suffered a massive $52 million hot wallet breach in November. Most recently, XT Exchange lost $1.7 million to a critical flaw on 28 November.

$1.48 Billion Stolen in 2024

November alone witnessed $71 million in crypto theft, bringing the year’s total to $1.48 billion—a 15% decline from 2023 but still alarmingly high. As hackers target vulnerabilities across blockchains, exchanges, and wallets, the crypto industry faces increasing pressure to bolster security and adopt stricter regulations.

These incidents highlight the urgent need for robust defence mechanisms and greater accountability in safeguarding digital assets.