News
Multichain lending protocol Hundred Finance got hacked on Ethereum layer2 scaling respond Optimism, main to a loss of about $7 million.
The DeFi platform confirmed the exploit on April 15, pointing out that it has contacted the hacker and is at the 2d working with rather a range of safety groups. The protocol additional urged somebody who may perchance presumably abet with knowledge to attain out.
“As soon as again we hope the hacker will attain out aid to us and we are going to seemingly be ready to procure a joint respond to solve this matter,” the team tweeted.
Within the intervening time, that is now now not the main time Hundred Finance has been hacked. In 2022, Hundred Finance and Agave were exploited in a reentrancy attack on Gnosis Chain. On the time, the two platforms misplaced $11 million.
Hundred is a fork of the most well liked Compound protocol and has been deployed on several blockchains.
News How Used to be Hundred Finance Hacked?
In accordance with Peckshield, the hacker stole the funds by donating 200 WBTC to inflate the commerce price for hWBTC. This made it that you just may perchance well presumably well also agree with to empty the lending swimming pools with a diminutive amount of hWBTC.
Yet every other blockchain safety firm Certik corroborated Peckshield’s finding. Certik wrote that the attacker manipulated the commerce price between ERC-20 tokens and htokens. By donating a immense amount of WBTC to htoken contract, the hacker triggered the commerce price to upward push.
The attacker later capitalized on that price to take a immense borrow space under the brand new commerce price and redeemed the initial amount they deposited. The hack resulted in a $7.4 million loss for Hundred.
Within the intervening time, Numen Cyber reported a loss of 1030 ETH valued at over $2 million.
Earlier this day, the Hundred Finance team told its crew to terminate speculating on how the attack came about. The protocol wrote that its main focus is to contact the attacker and attain an settlement.
“In parallel we are gathering all knowledge accessible in characterize to contain that to hand for that you just may perchance well presumably well also agree with additional steps”
DeFi Hacks in 2023
This incident additional highlights the hazards of DeFi and adds to the rising tally of losses from hacks in 2023. After a moderately peaceful initiating to the 365 days, DeFi hacks contain picked up steam within the previous few weeks, starting with Euler Finance hack in March.
DeFi protocols take care of Allbridge, Sentiment, and Yearn Finance were exploited all around the main two weeks of April. In accordance with DeFillama knowledge, these hacks resulted in higher than $20 million in losses.
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