Security Breach Hits Fantom Ecosystem’s GNUS.AI, Results In $1.27M Loss
In Brief
GNUS.AI experienced a security breach, resulting in a loss of $1.27 million in funds, according to the blockchain security firm Beosin.
Layer 1 blockchain Fantom ecosystem’s project GNUS.AI (GNUS) experienced a security breach, resulting in an approximate loss of $1.27 million in funds, according to the blockchain security firm Beosin.
After the security incident, the attacker sought to obscure the origin of the stolen funds by mixing and transferring them to the cryptocurrency exchange OKX. The address associated with the bad actor is presently under surveillance by Beosin’s Know Your Transactions (KYT) tool.
Earlier today, GNUS.AI published a post on the social media platform X, in which it has acknowledged that due to a recent exploit, a hacker managed to create counterfeit GNUS tokens on the Fantom blockchain, then transferred them to the Ethereum and Polygon blockchains using the Axelar Bridge, ultimately selling them to existing liquidity pools.
The company additionally emphasized its plan to execute a snapshot at the block preceding the exploit and cautioned users against acquiring GNUS tokens after the exploit, as it plans to introduce a new token. For users impacted by the exploit, GNUS.ai provided the option to request a refund through a dedicated process on its website.
GNUS.AI Rewards Users With GNUS Tokens For Participation In Decentralized Processing
GNUS.AI enables end-users to engage in decentralized processing, allowing them to earn GNUS tokens, the platform’s native currency, by leveraging the idle cycles of various devices such as computers, mobile devices, and other internet-connected devices.
When a user engages with an application or system that incorporates GNUS.AI, their data undergoes processing on a decentralized network of nodes. These nodes are spread throughout the network and work together to process data, ensuring both efficiency and security.
The platform seeks to democratize AI and machine learning (ML) processing by enabling individuals to offer their computing resources and receive rewards, establishing a cohesive ecosystem where users can incorporate the system into diverse applications and games. The project was formally launched and made available to the public in March 2024.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, 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 crypto, AI, 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.
