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News

EXA Token Drops Nearly 30% Following Exactly Protocol’s $12M Hack Attack

August 18, 2023 - Around 2 mins mins to read

Key Points:

  • Exactly Protocol on Optimism network lost $12M due to a hack, and the EXA token declined by over 25%.
  • The hack coincides with a significant downturn in the wider cryptocurrency market, with several assets leading to double-digit declines.
Exactly Protocol, a decentralized credit market on the Optimism network, has suffered a hack resulting in a loss of approximately $12 million. EXA token declined by over 25%.
EXA Token Drops Nearly 30% Following Exactly Protocol's $12M Hack Attack
Source: CoinMarketCap

The hack was the result of a bridge exploit, which cost an estimated 7,160 ether (ETH) or $12.04 million at current prices. The protocol’s native governance token, EXA, saw a decline of over 25% following the exploit and currently trades at $4.72 per CoinMarketCap.

The hack coincides with a significant downturn in the wider cryptocurrency market, with several assets, including XRP, LTC, and BCH, leading to double-digit declines. More than $1 billion in positions were liquidated within a 24-hour period.

The Exactly Protocol completed $2 million in financing in January of this year, allowing users to conduct decentralized lending at fixed and floating interest rates. Last month, the protocol opened the governance token EXA airdrop application.

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.

ETH

EXA Token

Exactly Protocol

Optimism network

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

EXA Token Drops Nearly 30% Following Exactly Protocol’s $12M Hack Attack

Key Points:

  • Exactly Protocol on Optimism network lost $12M due to a hack, and the EXA token declined by over 25%.
  • The hack coincides with a significant downturn in the wider cryptocurrency market, with several assets leading to double-digit declines.
Exactly Protocol, a decentralized credit market on the Optimism network, has suffered a hack resulting in a loss of approximately $12 million. EXA token declined by over 25%.
EXA Token Drops Nearly 30% Following Exactly Protocol's $12M Hack Attack
Source: CoinMarketCap

The hack was the result of a bridge exploit, which cost an estimated 7,160 ether (ETH) or $12.04 million at current prices. The protocol’s native governance token, EXA, saw a decline of over 25% following the exploit and currently trades at $4.72 per CoinMarketCap.

The hack coincides with a significant downturn in the wider cryptocurrency market, with several assets, including XRP, LTC, and BCH, leading to double-digit declines. More than $1 billion in positions were liquidated within a 24-hour period.

The Exactly Protocol completed $2 million in financing in January of this year, allowing users to conduct decentralized lending at fixed and floating interest rates. Last month, the protocol opened the governance token EXA airdrop application.

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.