Noones Acknowledges $8 Million Exploit After ZachXBT Raises Concerns

Noones, a peer-to-peer crypto marketplace, recently confirmed a security breach resulting in approximately $8 million in losses. The incident, attributed to a Solana bridge vulnerability, was swiftly contained by the platform’s security team, according to CEO Ray Youssef.

On January 24, prominent on-chain investigator ZachXBT highlighted suspicious activity on Noones, suggesting the exploit occurred between January 1 and January 2. During this time, the platform’s hot wallets executed hundreds of questionable transactions.

ZachXBT reported that these outflows, with individual transactions valued under $7,000, collectively totaled $7.9 million and spanned multiple chains, including Ethereum, TRON, Solana, and Binance Smart Chain (BSC). The stolen funds were later bridged to Ethereum and BSC before being laundered through the crypto mixer Tornado Cash.

Despite the gravity of the exploit, Noones did not initially address the breach. Instead, the company issued an announcement about routine New Year maintenance. However, following ZachXBT’s public disclosure, CEO Ray Youssef acknowledged the incident on social media. He confirmed:

“On Jan 1 there was an exploit of our Solana bridge. Our security teams quickly responded and the situation was immediately contained. User funds SAFU and personal data SAFU.”

Youssef revealed that the Solana bridge, which was suspended during the maintenance period, will remain inactive until extensive penetration testing is conducted. He assured users that the bridge would not be reinstated until it passes rigorous security evaluations.

The Noones exploit is part of a concerning pattern of crypto-related breaches. On January 23, the Phemex exchange confirmed a significant security breach, which has been linked to hacker groups backed by North Korea.

Industry data indicates that malicious actors stole approximately $3.6 billion in cryptocurrency last year, with $1.3 billion laundered through illegal means. This underscores the growing need for enhanced security measures within the crypto ecosystem.