Multichain lending protocol, Hundred Finance, was hacked using Ethereum’s Layer 2 scaling solution, Optimism, resulting in a loss of approximately $7.4 million.
Hundreds of funding hacked
On April 15, the DeFi platform announce She contacted the hacker and cooperated with several security teams. The protocol also asked anyone with contact information.
This isn’t the first time Hundred Finance has been hacked.
In 2022, a re-entry attack on the Gnosis Hundred series used Finance and Agave as tools. The two platforms at that time lost $11 million.
The well-known composite protocol fork, Hundred, has been implemented on many block chains.
Peckshield claims that the hacker donated 200 WBTC, a stablecoin pegged to bitcoin; To increase the protocol derivative, hWBTC. This allowed the loan pools to run dry with only a small amount of hWBTC, which resulted in losses.
Peckshield and CertiK, another blockchain security firm, backed up the findings.
According to CertiK, the attacker modified the exchange rate of ERC-20 tokens and htokens. The hacker raised the exchange rate by contributing a large amount of WBTC to the htoken contract.
Later, the attacker took advantage of this rate to borrow large funds at the new exchange rate and then recoup their initial investment. Hundred suffered a loss of $7.4 million due to the hack.
Meanwhile, Numen Cyber claimed To lose 1030 Ethereum (ETH) worth over $2 million.
🚨 We have detected that @HundredFinance on #Optimism has been hacked, resulting in a loss ~1030 ETH (approx US$2.16 mil)
Tx: https://t.co/AoEMqlw4dYhttps://t.co/cv78fLbtC9 https://t.co/EYF9gwWz3k pic.twitter.com/4kUjiNgYUy
— NumenAlert Ⓝ (@NumenAlert) April 15, 2023
Hundred Finance team Tell Its members earlier in the day to stop guessing about how the attack occurred. According to the procedure, its main objective is to contact the attacker and reach an understanding.
2023 DeFi Hacks
This incident adds to the mounting damage total from hacking in 2023 and serves as a reminder of the dangers of decentralized finance (DeFi). There have been several hacks in the past few weeks following the Euler Finance exploit in March.
(embed) https://www.youtube.com/watch?v=GT84C_rAhtc (/embed)
In the first two weeks of April, vulnerabilities in DeFi protocols such as Allbridge, Sentiment, and Yearn Finance were exploited. More than $20 million has been lost due to these hacks, according to research conducted by him devilama.
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