In the cryptocurrency field, security has always been a topic of great concern. On November 16, DEXX was reported to have suffered a hacking attack, with estimated losses exceeding $20 million. On the same day, Thala's official Twitter announced that the Thala Labs protocol also became a target of hackers, with $25.5 million stolen.

Thala Theft Incident

On November 16, the decentralized finance (DeFi) protocol Thala Labs became a target of hackers. According to official information released, Thala discovered a vulnerability in its v1 contract, which allowed hackers to steal approximately $25.5 million worth of tokens from its liquidity pool, drawing widespread attention.

Thala released a statement on November 16, confirming that the security vulnerability was due to an independent flaw in the v1 farm contract. To protect user assets, Thala quickly suspended all related contracts and froze assets worth $11.5 million.

Thala stated that with the help of law enforcement and the security expert teams SEAL 911 and Ogle Security Group, they quickly identified and contacted the hackers.

Ultimately, the hackers returned the stolen assets just six hours after the incident and received a $300,000 bug bounty. Nevertheless, Thala emphasized that affected users do not need to take further action, as all positions will be compensated 100%.

Limited Recovery After Incident

Although the funds have been recovered, the front-end services of the Thala protocol have been relaunched, but its farming functions remain suspended. Users are temporarily unable to perform holding and unlocking operations. Thala stated that the protocol will undergo a comprehensive code review and re-audit to ensure future security.

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This indicates that although funds have been recovered, restoring all functions still requires time and human resources, which undoubtedly represents an invisible loss.

Thala CEO Adam Cader pointed out that although security issues may still arise on the Move blockchain in the future, the team's goal is to minimize the frequency and severity of these issues as tools gradually improve.

Native Token THL Drops Over 30%

Despite Thala successfully recovering the stolen funds, the market performance of its native token THL has not been ideal. According to AICoin data, since the incident occurred, the price of THL has dropped by about 35%, with the current price at $0.53 per token. For more details, please check on the PC at https://www.aicoin.com/download

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This price drop highlights that even after a security incident is resolved quickly, restoring market confidence still takes time.

This attack also caused the total value locked (TVL) of the Thala protocol to drop from $240 million to approximately $195.6 million. Data from DefiLlama indicates that this decline significantly affected investor confidence in the Thala protocol.

Frequent Hacking Incidents

The Thala incident is not the only recent DeFi security event. The on-chain trading terminal DEXX also suffered a similar attack, resulting in the theft of user assets. The frequency of such security incidents underscores the importance of security measures in the rapidly evolving DeFi space.

According to a report by blockchain security company CertiK, hackers stole nearly $130 million in digital assets through various vulnerabilities and attack methods just in October of this year. Other protocols, such as Radiant Capital, have also recently faced attacks, with losses amounting to as much as $54 million. This series of events indicates that the frequency and complexity of hacking attacks are increasing, and the blockchain and DeFi industries urgently need to invest more resources and effort into security.

In summary, although the Thala theft incident ultimately ended with the recovery of funds, its impact on market confidence is evident. This incident serves as a wake-up call for all DeFi projects, reminding them that security is always a core issue that cannot be overlooked in the process of innovation and development. In the future, as technology evolves, the DeFi industry may face more challenges, but there are also opportunities to enhance overall security through better security measures and vulnerability management.

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