The global cryptocurrency sector is showing signs of stabilizing after a persistent bear market. However, a dark cloud is mushrooming again after back-to-back hacks over the past few days. The latest hack was on The Sandbox, a decentralized virtual gaming platform.
Sandbox Instagram hacked
A post by PeckShieldAlert said that the Instagram account of The Sandbox metaverse game had been hacked. The blockchain security company also advised people to refrain from interacting with any links sent from the social media accounts of The Sandbox.
The Sandbox went to Twitter to address the reported hack. The blockchain gaming company admitted that its official Instagram account had been hacked. It also urged its users not to follow any links on the company’s Instagram page. The Sandbox team also requested to communicate with anyone on social media that claimed to be from the gaming company.
However, the company has said it had gotten in touch with its security team to investigate the hack. The gaming company later announced that its Instagram had been deactivated temporarily while the team was still trying to restore its account.
The native token of The Sandbox, SAND, seems not to have been affected by the news of the hack of the company’s Instagram account. The token has gained by 3.8% during the past 24 hours to trade at $1.33 at the time of writing. Additionally, there is no news about stolen funds or user victimization because of the hack on this account.
Increased hacks in the crypto sector
This week has seen multiple hacks in the web 3.0 & crypto sector. Last week, the Nomad bridge was hacked, and the attackers drained more than 41 wallet addresses involved in the attack. The exploit was chaotic, as anyone who understood how the exploit worked could take money from the protocol.
The other hack was on Solana wallet addresses. The crypto community took to Twitter on August 2 to report that several Solana-based wallet addresses lost nearly $8 million worth of cryptocurrencies. A post-analysis of the exploit said that the vulnerability came from the Slope wallet provider.
The ZB.com exchange also suffered a loss of around $4 million after an alleged hack on the platform. ZB.com halted withdrawals amid this breach, despite the exchange saying it was the most trusted and secure digital asset trading platform.
As crypto investors grow wary of security threats in the crypto sector, new projects are taking a keen interest in security. Tamadoge, a new play-to-earn project, has been thoroughly reviewed to ensure there are no loopholes that hackers can exploit. Moreover, Tamadoge has unveiled itself as the first meme coin with play-to-earn offerings.