Monero’s crowdfunding wallet drained, and all funds lost

Monero community funded Monero wallet’s all funds were drained by an unknown actor.

Monero is a popular privacy-focused digital currency that uses a blockchain with privacy-enhancing technologies to provide privacy, anonymity, and fungibility to the transactions. It remains not easy for crypto analytic tools to trace addresses trading Monero, transaction amounts, address balances, or transaction histories. 

Monero’s Community Crowdfunding System (CCS) funds aims to improve the ecosystem of the Monero blockchain with community funding donations. 

On 1 Sep 2022, there were a total of 2,675 XMR coins, worth $454,750 at the current trade price of XMR coin, in the fund wallet.

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Luigi, a Monero developer, informed the community that all the CCS funds had been drained from the wallet. According to the developer, the hacker drained the funds one month before. In short, the developer came to know about the matter after a month of the actual hack incident date.

As per available information only Monero developers, Luigi & fluffypony”, or Ricardo Spagni can access the wallet as they have phrase backup words. 

In late Q2 of this year, Ricardo surrendered to US authorities for extradition to South Africa. In S. Africa he has been charged with invoice fraud against a cookie company. In September, this developer released and is currently engaged in this matter to find the main culprit behind this fund hack. 

The Monero team announced that the community crowdfunding system CCS Wallet was attacked on September 1, 2023, and the entire balance of 2,675.73 XMR (approximately $384,000) was stolen. So far, the source of the vulnerability cannot be determined. SlowMist believes that it…

— Wu Blockchain (@WuBlockchain) November 5, 2023

Crypto security platform SlowMist founder, Yu Xian, shared his opinion on this matter and confirmed that it was not a part of any vulnerability associated with Monero’s privacy model. Indirectly he confirmed that there are no new risks associated with the Monero privacy system.

Monero price 

The current trade price of XMR coin is $166 and this price is 2% down over the last 24 hours trade price. 

Read also: Fake Crypto Ledger wallet in Microsoft Store loots 17 Bitcoins 

Monero’s crowdfunding wallet drained, and all funds lost

 

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