Security Breach Impacts 402bridge Contract Ownership, USDC Stolen

Blockchain security firm SlowMist alerted via social media that the ownership of the 402bridge contract has been altered, raising concerns about a potential private key theft. While an insider’s involvement is not definitively confirmed, it contrasts with typical rug pulls as this action doesn’t appear to implicate the project team’s collective actions. The service, 402bridge.fun, which launched just two days ago, has ceased operations. A hacker exploited this security breach to steal USDC from users who had authorized this bridge contract before its sudden shutdown. This incident marks the first reported theft related to the 402 protocol’s services.