The exploit, caused by a rounding error vulnerability in one of zkLend’s smart contracts, siphoned off millions in user funds and marked the beginning of a rapid unraveling for the project. Despite attempts to negotiate with the attacker, including a proposed 10% bounty offer, zkLend was unable to recover the stolen funds.
The attack, which began in the early hours of Wednesday, caused SUI’s token price to drop by over 15%, currently trading near $3.90. The exploit has raised fresh alarms over the persistent vulnerabilities facing Web3 platforms, even those built on next-gen blockchains like Sui.
According to Benchmark Equity Research, the recent stock momentum is underpinned by strong fundamentals and favorable market positioning. The firm raised its price target for COIN to $301, up from $252, just three days after Coinbase officially became part of the S&P 500.
Active since around 2009, the group has transitioned from traditional espionage to large-scale cybercrime, primarily targeting financial institutions and cryptocurrency exchanges.
International collaboration played a crucial role in identifying the perpetrators. A joint statement issued on January 14 by the United States, South Korea, and Japan attributed the heist to North Korean hackers associated with the Democratic People’s Republic of Korea (DPRK).
