Multichain lending protocol Hundred Finance acquired hacked on Ethereum layer2 scaling resolution Optimism, resulting in a lack of about $7 million.
The DeFi platform confirmed the exploit on April 15, stating that it has contacted the hacker and is at the moment working with varied security groups. The protocol additional urged anybody who might assist with data to succeed in out.
“As soon as once more we hope the hacker will attain out again to us and we will discover a joint resolution to resolve this matter,” the group tweeted.
In the meantime, this isn’t the primary time Hundred Finance has been hacked. In 2022, Hundred Finance and Agave had been exploited in a reentrancy assault on Gnosis Chain. On the time, the 2 platforms misplaced $11 million.
Hundred is a fork of the favored Compound protocol and has been deployed on a number of blockchains.
How Was Hundred Finance Hacked?
In accordance with Peckshield, the hacker stole the funds by donating 200 WBTC to inflate the alternate fee for hWBTC. This made it doable to empty the lending swimming pools with a tiny quantity of hWBTC.
One other blockchain safety agency Certik corroborated Peckshield’s discovering. Certik wrote that the attacker manipulated the alternate fee between ERC-20 tokens and htokens. By donating a considerable amount of WBTC to htoken contract, the hacker precipitated the alternate fee to rise.
The attacker later capitalized on that fee to take a big borrow place beneath the brand new alternate fee and redeemed the preliminary quantity they deposited. The hack resulted in a $7.4 million loss for Hundred.
In the meantime, Numen Cyber reported a lack of 1030 ETH valued at over $2 million.
Earlier right this moment, the Hundred Finance group advised its neighborhood to cease speculating on how the assault occurred. The protocol wrote that its predominant focus is to contact the attacker and attain an settlement.
“In parallel we’re gathering all data accessible with the intention to have that helpful for doable additional steps”
DeFi Hacks in 2023
This incident additional highlights the dangers of DeFi and provides to the rising tally of losses from hacks in 2023. After a comparatively quiet begin to the 12 months, DeFi hacks have picked up steam previously few weeks, beginning with Euler Finance hack in March.
DeFi protocols like Allbridge, Sentiment, and Yearn Finance had been exploited throughout the first two weeks of April. In accordance with DeFillama data, these hacks resulted in additional than $20 million in losses.
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