DeFi multichain lending protocol Hundred Finance suffered a hack attempt on the Ethereum layer-2 blockchain Optimism, losing assets worth over $7.4 million.
Blockchain security analytics firm Cetrik reported that the Hundred Finance hacker exploited the exchange rate between ERC-20 tokens and hTokens, enabling them to withdraw more tokens than they had initially deposited.
“The exchange rate formula was manipulated through Cash value. Cash is the amount of WBTC that the hBTC contract has. The attacker manipulated it by donating large amounts of WBTC to the hToken contract so that the exchange rate goes up,” Certik added.
Security firm Numen Cyber Technology reported the estimated loss of Hundred Finance: 0.058 $WBTC, 20,854 $SNX, 1,265,978 $USDC, 842,788 $DAI, 1,113,430 $USDT, 865,142 $sUSD, 457,286 $FRAX, and 1,030 $ETH.
Hundred Finance has disclosed that it has reached out to the hacker and is currently engaging with security teams to address the event. The DeFi protocol has advised the community against speculating on the specifics of the attack, as the team is in the process of conducting a post-mortem analysis of the incident.
Hundred Finance tweeted “Once again we hope the hacker will reach out back to us and we will be able to find a joint solution to resolve this matter.”
There has been a surge in hacks this month, with numerous crypto platforms experiencing security breaches. Just recently, MetaMask’s third-party provider fell victim to a hack, raising concerns about the ongoing vulnerabilities across these platforms that are enticing hackers.
It’s imperative for crypto platforms to enhance their security measures, or else the community will inevitably bear the consequences.
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