DID-Powered Nexera Witnesses 40% Drop In NXRA Price Following $1.5M Security Breach
In Brief
Native token of Nexera, NXRA is currently trading at $0.03627, reflecting a decline of over 40.83%, following a recent security breach.
Native token of the decentralized finance (DeFi) solution Nexera, NXRA is currently trading at $0.03627, reflecting a decline of over 40.83% in the past 24 hours, based on CoinMarketCap data. This drop follows a recent security breach that resulted in an estimated total loss of approximately $1.5 million.
Earlier today, blockchain security company Cyvers issued an alert about a suspicious transaction involving Nexera’s proxy contract. The company reported that an address assumed control of the proxy contract and upgraded it. Subsequently, this address used the withdraw admin function to transfer all NXRA tokens.
Subsequently, the accumulated tokens have been sold for ETH, and a portion of the funds has already been transferred to the BNB blockchain.
After detecting the breach, Nexera began an investigation and paused the NXRA token contract, which halted trading on decentralized exchanges (DEXs). The company is also currently collaborating with centralized exchanges (CEXs) to suspend trading and has advised all users on the platform to cease trading activities, as noted in a post on the social media platform X.
Nexera: What Is It?
The Nexera Foundation’s infrastructure integrates blockchain to streamline both on-chain as well as off-chain operations. Thereby, aiding in the operations of digital, financial, and real-world assets (RWAs). Meanwhile, NXRA functions as the utility token central to its infrastructure.
The platform’s objective is to connect traditional financial markets with DeFi by offering a variety of instruments and solutions for the tokenization, issuance, management, as well as trading of assets inside of a regulatory-compliant framework.
Nexera relies on the security measures provided by the Nexera Protocol, which integrates decentralized digital identity (DID) solutions, compliance workflows, auditing processes, and strategic partnerships.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
