ParaSpace & BlockSec prevent $5M from being stolen in a failed attack

BlockSec, the popular blockchain security firm, recently announced that it prevented a breacher from stealing 2,909 ETH. Worth around 5 million dollars, the attacker was caught while trying to exploit a vulnerability in ParaSpace.

At 3:51 AM, London time, a Railgun-funded address was first noticed attempting to exploit the vulnerability. However, this contract did not use rough gas, causing the transaction to fail.

According to the on-chain data, the attacker failed three times before Friday. A representative from the security firm talked about the recent development. According to the representative, the attack failed because of errors in its contract.

“BlockSec boasts an internal system overviewing on-chain developments, which identified the attempt. A rescue transaction was immediately deployed to transfer the funds into a secure account. The team is currently working with ParaSpace to formulate the remaining details and figure out a way to fix the vulnerability.”

ParaSpace also addressed the situation on Twitter. The platform released a long tweet explaining the situation and how BlockSec is assisting them. According to ParaSpace’s latest interview, everyone is glad that no loss of funds was caused to users during the attack.

The team has identified the root cause of the problem and will share additional information regarding next steps. These details will be disclosed after a comprehensive examination of the vulnerability and the development of appropriate security enhancements.

BlockSec uses software to constantly look for malicious transactions throughout Ethereum’s memory pool. After finding a malicious transaction, it automatically builds a rescue transaction using the attacking method.

This transaction reaches the attacked funds before the breacher and transfers them into its multi-signature wallet for safety. In other terms, BlockSec copies the exploit and executes it quicker.

Since the news surfaced, the crypto community has applauded BlockSec for its vigilance and promptness.