30s Summary

Crypto finance company Thala Labs recovered $25.5m in stolen tokens following a security breach. The hacker was quickly identified due to a vulnerability in Thala’s farming contracts, and the funds were returned only 6 hours later. Thala paid back the hacker $300,000 in exchange for the return of the users’ assets. The hack has influenced Thala’s total value locked, which fell from $240m to $195.6m. Following the hack, Thala’s token, THL, faced a 35% drop in value to now be worth $0.51.

Full Article

Crypto finance company, Thala Labs got back $25.5 million in stolen tokens recently. This was made possible thanks to quick detective work by the police and some cool crypto detectives. They found the hacker who breached Thala’s security on November 15, due to a small weak spot in Thala’s farming contracts.

Immediately after the hack, Thala halted all affected contracts and froze nearly $11.5 million in Thala assets. They identified the hacker pretty quickly, with help from the cops, Seal 911, Ogle and other sleuths.

The hacker returned the stolen funds just 6 hours later, says crypto detective Ogle. In return, Thala gave the hacker a cool $300,000 as a reward for giving back all the users’ assets. The hacker’s true identity, though, remains a secret.

Thala assured all affected users that they need not worry about anything as their positions will be fully restored.

You can now access Thala’s front end again, though farming remains off-limits. Users can’t stake or unstake positions until Thala goes over their tech thoroughly to prevent such vulnerabilities in the future.

The hack had something to do with Thala’s partnership with Move, a bunch of modular blockchains built by Movement Labs, says Thala’s big boss, Adam Cader.

Thala ranks highly among DeFi platforms on the Aptos layer-1 blockchain. But after this incident, Thala’s token called THL dropped about 35% to now valued at $0.51, as per CoinGecko.

While the bad guys made away with $2.5 million in THL tokens, they took another $9 million from Thala’s stablecoin – Move Dollar (MOD).

Also, Thala’s total value locked (how much money is tied up in the platform) dropped from $240 million to $195.6 million after the hack, as per data from DefiLlama.

Just last month, victims lost $130 million in crypto to hacks and exploits, according to blockchain security firm CertiK. The worst of it was the Radiant Capital incident, where they lost a whopping $54 million.

Seeing the bigger picture, hackers have stolen almost $460 million in the last three months from various platforms, according to cybersecurity firm Hacken.