DEXX trading platform has encountered a serious security incident, on-chain Meme market has been severely impacted.

In the late night of November 16, a decentralized trading platform focused on Meme token trading suffered a major cyber attack, resulting in the illegal transfer of a large amount of user assets. Preliminary estimates suggest that the loss could reach tens of millions of dollars, and may even exceed one hundred million dollars. Security experts pointed out that user private key information has been leaked, but the exact leakage channel is still under investigation. This incident has had a significant impact on the recently popular on-chain Meme market and has once again raised concerns about the security of on-chain assets.

Event Details and Platform Response

According to the investigation, there are serious security vulnerabilities on the platform:

1. Although it claims to be a non-custodial platform, it actually records users' private keys.
2. Users export their private keys in plain text without any encryption measures.

The platform founder stated on social media that due to special reasons, he is temporarily unable to synchronize updates and requested more time to handle the situation. He promised to compensate users for their losses and mentioned that some user accounts have been isolated. However, as the amount stolen continues to rise, many users' trust in the platform has plummeted, with some even suspecting that this is an inside job.

Market Impact

This incident has had a significant impact on the Meme token market. Several well-known Meme tokens have experienced varying degrees of decline:

• BAN fell by about 30%
• LUCE has dropped by about 20%
• PNUT's maximum drop reached 12.5%

It is worth noting that hacker attacks are still ongoing. As of the 17th, it has been confirmed that at least $13 million has been stolen, but the actual losses may far exceed this number. In addition to stablecoins, a large number of recently popular Meme tokens have also been stolen, including BAN, Pnut, BITCAT, and SOL.

Security Recommendations

In light of recent frequent security incidents, investors need to be especially cautious and take the following measures to protect their assets:

1. Use a hardware wallet to store main assets.
2. Decentralized asset storage to avoid concentration risk.
3. Choose a verified decentralized custody solution.
4. Carefully review the security measures of the exchange or platform.
5. Consider purchasing cryptocurrency insurance.

In addition, users should also:

• Be cautious with tools and platforms recommended by others.
• Prioritize reputable and long-running automation tools.
• Be wary of various online scams.
• Transfer funds to a self-controlled wallet promptly after large transactions.

This incident serves as a reminder that security is always the top priority in the blockchain world. Investors need to remain vigilant and implement multiple protective measures to ensure asset safety.