Hackers break into cryptocurrency platform DeFi and steal $ 7 million

Hundred Finance lost $ 7 million as a result of a hacker attack targeting pools in the Optimism L2 network.

on April 15, the developers of Hundred Finance’s DeFi protocol confirmed the existence of the exploit and reported that they were already working on the investigation of the incident together with several security teams.

They also noted that the hacker had already contacted them: «We hope that the hacker will contact us again so that we can find a joint solution to resolve this issue,» the project team wrote.

This is not the first time the protocol has been hacked. In 2022, Hundred Finance and Agave suffered a profitability attack on Gnosis Chain. The total amount of losses then amounted to $ 11 million.

According to Peckshield, this time, the hacker donated 200 WBTC to raise the price of hWBTC, take a large position at the new rate, and redeem the amount he had originally deposited. This allowed him to «drain» the credit pools with a tiny amount of 2 Wei. Certik, a blockchain security firm, confirmed Peckshield’s findings. According to its calculations, the amount of losses amounted to about $ 7.4 million.

Attackers continue to find ways to hack DeFi platforms: 99.6% of attacks in the first fiscal quarter of 2023 were aimed at this sector. In March, hackers carried out 26 successful exploits and stole $ 211.5 million worth of cryptocurrencies, with $ 197 million of them going to Euler Finance. In total, they have stolen approximately $ 255 million since the beginning of the year.