DeFi protocol Nexera hacked for $1.5 million via smart contract exploit

Nexera protocol has been exploited for $1.5 million worth of digital assets in another smart contract security incident.

Nexera, a decentralized finance (DeFi) protocol aiming to bridge DeFi with traditional finance, was hacked for $1.5 million worth of Nexera (NXRA) tokens, according to an Aug. 7 X post by Cyvers, that wrote :

“Our system has detected a suspicious transaction involving your proxy contract. An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens.”

While the $1.5 million counts as a relatively small incident, it comes only a d ay after Ronin Network was exploited for $9.8 million worth of Ether ( ETH ) tokens, by a suspected white hat hacker, who returned all the lost funds within a few hours.

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This is a developing story, and further information will be added as it becomes available.