Users Cry Out After Crypto Wallets Drained on Abstract Blockchain

February 18, 2025 – In a disappointing turn of events for the newly launched Abstract blockchain developed by Igloo Inc., numerous users have reported that their cryptocurrency wallets were inexplicably drained. This alarming situation has raised questions about security and trust in the platform, which was designed to facilitate more accessible decentralized applications.

Alarm Over Drained Wallets

Users took to social media to express their concerns after discovering that their wallets had been emptied overnight without any apparent cause. Many claimed they had not interacted with any suspicious sites or granted permissions that could explain the sudden loss of their funds.

0xBeans, a developer involved with Abstract, addressed the community on X (formerly known as Twitter) early in the afternoon, assuring them that the team was aware of the issue. He emphasized that the problem was not connected to Abstract Global Wallet (AGW), the blockchain’s dedicated wallet service.

Cardex Under Scrutiny

As the situation unfolded, 0xBeans indicated that the issue likely stemmed from Cardex, an application designed for creating and trading collectible cards. The confirmation came approximately two hours later from 0xCygaar, a known contributor to Abstract, who advised users to revoke any sessions they had with the Cardex application to protect their assets.

In a follow-up message, 0xCygaar highlighted that Cardex had potentially mishandled the management of its private keys, which could have led to vulnerabilities. Both Cardex and its founder have remained silent regarding the ongoing crisis.

Community Reaction

As news of the wallet drain spread, many affected users began demanding accountability from the Abstract Chain team, especially since Cardex was featured prominently in the ‘Spotlight’ category of the blockchain’s platform. In response, 0xCygaar stated, “All smart contracts of the applications on the portal have been audited (everything that is highlighted has been audited by a level 1 company).’ He went on to clarify that the concern was not with the contracts themselves, but there was room for improvement in enforcing security protocols.

What Can Users Do?

As warnings circulated, users were strongly advised to revoke access permissions for any applications they may have interacted with on the platform. A comprehensive report regarding the incident is expected to be released soon, as many users have reported significant losses—some unconnected to Cardex altogether.

The situation leaves many users questioning the reliability of the Abstract Chain team. Will they be held responsible for these losses? Are refunds a possibility? Or is Cardex completely liable for the unfortunate events? As the abstract narrative continues to develop, the answers remain unclear.

Conclusion

This incident serves as a reminder of the inherent risks associated with engaging in the cryptocurrency space. As users grapple with the fallout, the broader community is watching to see how both Abstract Chain and Cardex will address the situation, and what measures will be introduced to enhance security moving forward.

For now, affected users can only hope for transparency and support as they navigate this unsettling episode in the world of decentralized finance.

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