A Lending Protocol On Optimism Attacked And Lost About $7 Million

Key Points:

• Hack on Hundred Finance’s lending protocol caused a $7M loss due to an inflated exchange rate.
• Hundred Finance is currently in talks with the hacker and different security teams to reach an agreement.
• This incident highlights the importance of prioritizing security measures in DeFi and practicing caution when participating in DeFi activities.

Hundred Finance, a lending protocol on Optimism, lost $7M in a hack that exploited an inflated exchange rate. They’re working on communication with the hacker and finding a resolution.

Hundred Finance, a lending protocol on the Optimism network, recently suffered a hack that resulted in a loss of approximately $7 million. According to Peckshield, the root cause of the attack was the donation of 200 wrapped bitcoin (WBTC) to inflate the exchange rate of hWBTC, which allowed even a tiny amount of 2 wei of hWBTC to drain current lending pools.

Hundred Finance has reached out to the hacker and is in talks with different security teams. They advise against speculation on how the attack was executed and are preparing a post-mortem. The main focus at this time is to establish communication with the hacker and reach an agreement. In parallel, they are gathering all available information for possible further action.

The hack transaction can be viewed at: https://optimistic.etherscan.io/tx/0x6e9ebcdebbabda04fa9f2e3bc21ea8b2e4fb4bf4f4670cb8483e2f0b2604f451.

Hundred Finance’s hack underscores the importance of security in the decentralized finance (DeFi) space. While DeFi has the potential to revolutionize traditional finance, it is still in its early stages and subject to risks. As such, it is crucial for projects to prioritize security measures and for users to exercise caution and due diligence when participating in DeFi activities.

In light of this incident, Hundred Finance has taken steps to communicate with the hacker and work toward a resolution. It remains to be seen what further actions will be taken to address the hack and prevent similar incidents in the future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News