Defi protocol Hundred Finance loses $ 7 million through the latest exploit

Defi protocol Hundred Finance loses $ 7 million through the latest exploit

The multi-chain credit protocol Hundred Finance has suffered a security violation in the Layer 2 scaling network from Optimism, which led to the theft of assets worth around $ 7 million.

Hundred Finance confirmed the exploit on April 15 and found that he had contacted the hacker for negotiations. The platform also works with various security teams to solve the problem and asked everyone to contact the incident.

The estimated current loss is ~ 7 million USD.

We hope again that the hacker will contact us and that we will be able to find a common solution to solve this matter. 🙏

Thank you to everyone for your support and help in these difficult times. ❤️ https://t.co/wlgal4aaga

- hundred finance (@hundredfinance) 15. April 2023

what happened?

According to the blockchain security company Peckshield, the hacker executed The attack by donating 200 WBTC to open the exchange rate for HWBTC. This enabled them to empty Hundred Finance's loan pools with a tiny amount of HWBTC.

a detailed Analysis From another security company Certik suggests that the attacker has manipulated the exchange rate between ERC-20 token and HTOKEN by donating large amounts of WBTC to the HTOKE Treaty to increase the exchange rate.

The exploiter then opened a large loan position under the new exchange rate, which made it possible for him to withdraw more token than he originally paid.

The protocol says Preparation of an autopsy about how the exploit came about and did not advise people to speculate about it. The team said that the focus was on making communication with the hacker to reach an agreement on a refund.

We advise against speculating how the attack was carried out, the team prepares an autopsy.

The main focus is on building communication with hackers and reaching an agreement.

at the same time we collect all available information to have it for possible further steps.

Thank you

- a hundred finance (@hundredfinance) 16. April 2023

not the first

It is noteworthy that this is not the first time that Hundred Finance was hacked. Last year, the protocol a Re -entry attack , which means that ETH worth around $ 6.5 million is lost to the exploitor.

Despite the exponential growth of the defi room, the escalation is an urgent problem that plays an important role Security threats . Current data from the blockchain analysis platform Chainalysis reveals that the defi protocols were hit hardest in 2022 and made astonishing 82 % of all stolen crypto capacity values, which corresponds to an incredible loss of 3.1 billion US dollar.

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