Multi-threaded lending protocol Hundred Finance was hacked on Ethereum layer2 optimism scaling solutions, resulting in a loss of about $7 million.
DeFi platform Certain The exploit was published on April 15, stating that it had contacted the hacker and is currently working with various security teams. The protocol also urged anyone who could help with information to reach out.
“Once again, we hope the hacker will reach out to us again and we will be able to find a common solution to resolve this issue,” the team tweeted.
Meanwhile, this is not the first time that Hundred Finance has been hacked. In the year 2022, Hundred Finance and Agave have been exploited in a re-entry attack on the Gnosis Chain. In that time, the two platforms have lost $11 million.
Hundred is a fork of the popular Composite protocol and has been deployed on many blockchains.
How were hundreds of funds hacked?
according to PicShield, the hacker stole the funds by donating 200 WBTC to inflate the hWBTC exchange rate. This made it possible to drain the lending pools with a tiny amount of hWBTC.
Another blockchain security firm, Certik, confirmed Peckshield’s findings. Sirtec books The attacker manipulated the exchange rate between ERC-20 tokens and htokens. By donating a large amount of WBTC to htoken nodes, the hacker caused the exchange rate to skyrocket.
The attacker later takes advantage of this rate to take a large borrowing position at the new exchange rate and recover the initial amount he deposited. The breach resulted in a loss of $7.4 million for Hundred.
Meanwhile, Numen Cyber mentioned Loss of 1030 ETH valued at more than $2 million.
Earlier today, the Hundred Finance team advised Its community to stop speculating about how the attack occurred. The protocol writes that its primary focus is to contact the attacker and reach an agreement.
“In parallel, we are collecting all available information in order to have it at hand for further possible steps.”
DeFi Hacks in 2023
This incident highlights the dangers of DeFi and adds to the growing number of losses from hacks in 2023. After a relatively quiet start to the year, DeFi hacking has picked up steam in the past few weeks, starting with the Euler Finance hack in March.
DeFi protocols such as Allbridge, Sentiment, and Yearn Finance were exploited during the first two weeks of April. According to Devilama dataThese hacks resulted in losses of more than $20 million.
Disclaimer
Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.
