Deja Vu? Indexed Finance Attacker Allegedly Targets Relevant Feed in New Crypto Exploit Attempt

In the ever-watchful world of cryptocurrency, where fortunes can be made and lost in the blink of an eye, security is paramount. Just when you thought the drama was over, it seems the ghost of crypto exploits past is back to haunt us. Remember the Indexed Finance governance attack? Well, the person allegedly behind it has apparently tried their luck again, this time targeting a news sharing platform called Relevant Feed. Buckle up, crypto enthusiasts, because the plot thickens!

Who is the Suspect in This Crypto Whodunit?

Enter ZachXBT, the Sherlock Holmes of the blockchain, often hailed as the ‘2D detective’ in the crypto sphere. This digital sleuth has been hot on the trail, connecting the dots in this unfolding crypto mystery. According to ZachXBT’s investigation, the wallet involved in the Relevant Feed attack attempt is linked to none other than Alex Chon. Sound familiar?

• The Accusation: Alex Chon is alleged to be the person who funded the wallet used in the attempted Relevant Feed governance attack.
• The Connection: This same wallet is reportedly linked to the previous Indexed Finance governance attack.
• The Backstory: And here’s where it gets really interesting – Alex Chon is suspected to be a DPRK (Democratic People’s Republic of Korea) IT worker.
• Suspicious Past: Adding fuel to the fire, reports suggest Chon has been fired from at least two previous roles due to, you guessed it, suspicious behavior.

The Indexed Finance attacker wallet (0x4b1b) also attempted a governance attack on Relevant Feed earlier this month.

The wallet was funded by Alex Chon who is an alleged DPRK IT worker that was fired from at least two roles for suspicious behavior.

Github history below pic.twitter.com/gpe3c0s6hN

— ZachXBT (@zachxbt) November 18, 2023

Unmasking ‘Holy Pengy’: Clues from the Digital Footprint

ZachXBT’s investigation didn’t stop there. Like any good detective, he dug deeper into the digital breadcrumbs left behind. He noticed that Chon, or whoever is behind the ‘Holy Pengy’ online persona, has been quite active in changing their Github username. However, the ‘Holy Pengy’ identity, complete with a Pudgy Penguins profile picture, seems to be a constant thread throughout these changes.

To back up his claims, ZachXBT shared compelling evidence. This included:

• On-chain Transaction Tracking: Diagrams visually mapping out the flow of cryptocurrency transactions, revealing potential connections and suspicious patterns.
• Inbox Chat Messages: Screenshots of conversations that might provide context or even incriminating evidence.
• GitHub Profile Page of ‘Holy Pengy’: A snapshot of the profile, showcasing the username and Pudgy Penguins avatar, linking it to the alleged suspect.

The Initial Warning: Laurence Sounds the Alarm

ZachXBT’s revelations came as a response to an earlier warning from Laurence, a prominent media personality in the crypto space. Laurence raised concerns about an ongoing attack targeting what remained of the Indexed Finance treasury. We’re talking about approximately $36,000 in DAI and around $48,000 in NDX (before slippage). It’s been two years since the original Indexed Finance exploit, making this renewed activity all the more surprising and concerning.

Read Also: Beware: Kronos Suffers Major Hack Incident, Lost About $22 Million

Community Pushback: Standing Against Governance Raids

Laurence isn’t just raising alarms; he’s calling for action. He believes in the principle of preventing opportunistic governance raids on projects that are no longer actively developed. In simpler terms, just because a project is inactive, it doesn’t give anyone the right to swoop in and exploit its treasury for profit by manipulating governance mechanisms.

His call to action is clear: anyone holding NDX tokens delegated to themselves or wallets they control should vote ‘Against’ in the current governance proposal. This is a direct appeal to the community to stand together and protect the remnants of Indexed Finance from further exploitation.

What’s at Stake? The Future of NDX and Community Action

Laurence outlines two potential outcomes depending on the community’s response:

• Success in Stopping the Attack: If NDX holders successfully vote against the governance proposal, they will then need to decide what to do with the remaining digital tokens. This opens up a conversation about the future of the project and community governance in such situations.
• Failure to Stop the Attack: Even if they are unsuccessful in preventing the exploit, Laurence emphasizes the importance of taking a stand. At the very least, they will know they tried to do something, highlighting the community’s commitment to ethical practices in the decentralized space.

Key Takeaways: Lessons from the Relevant Feed Attack Attempt

• Vigilance is Key: The crypto space is constantly under threat. This incident underscores the need for continuous vigilance and proactive security measures for all projects, regardless of their activity level.
• Community Power: The call to action from Laurence and the potential for NDX holders to vote against the proposal demonstrates the power of community in decentralized governance. Collective action can be a powerful defense against exploits.
• The Role of On-chain Detectives: Figures like ZachXBT play a crucial role in uncovering and exposing malicious activities in the crypto world. Their investigative work is invaluable for transparency and accountability.
• DPRK IT Worker Concerns: The alleged involvement of a DPRK IT worker raises broader concerns about nation-state actors and their potential influence in the crypto space, especially regarding illicit activities.

In Conclusion: The Crypto Security Saga Continues

The attempted attack on Relevant Feed, allegedly by the same individual linked to the Indexed Finance exploit and a suspected DPRK IT worker, is a stark reminder that the fight for crypto security is far from over. It highlights the ongoing cat-and-mouse game between those seeking to exploit vulnerabilities and the vigilant community, including on-chain detectives and concerned individuals, working to protect the decentralized ecosystem. As the crypto landscape evolves, so too must our security measures and community solidarity. The story of Alex Chon and the Relevant Feed attack attempt is a chapter in the ongoing saga of crypto security, and it’s a story we should all be paying close attention to.