Hundred Finance said it was preparing a post-mortem on the attack and was trying to establish a dialogue with the hackers to recover the stolen funds.
Hackers Exploit Lending Pool Loophole
Hundred Finance, a multi-chain lending protocol, lost nearly $7 million in assets following a security breach in its Optimism Layer 2 scaling network.Protocol first reported the news April 15th.
After the attack, Hundred Finance said: conduct a follow-up investigation He advised people to refrain from speculation until an official statement was released.
Furthermore, the mentioned multi-chain lending protocol said it seeks to establish dialogue with hackers in hopes of recovering some or all of the funds. says it works with various security teams.
One Hundred Finance team member uses acidbird via their discord server and says the hackers “haven’t spoken yet” but are investigating all possibilities.
Additionally, Acidbad said that Hundred Finance team members were financially affected by the attack, including one who held all the stablecoins in the protocol at the time.
Meanwhile, Numen Cyber report A loss of 1030 ETH worth more than $2 million.
Attack cause
According to a blockchain security firm, hackers inflated the hWBTC exchange rate by donating 200 WBTC. pec shieldWith a meager amount of hWBTC, they managed to exhaust Hundred Finance’s loan pool.
Blockchain security firm CertiK describes this as a flash loan attack.
In flash loan attacks, hackers borrow large sums of money from lending protocols in unsecured transactions. Using these funds, hackers manipulate the prices of assets on decentralized financial platforms (DeFi).
As reported by Certik, the Hundred actors changed the exchange rate between ERC-20 tokens and hTOKENS in order to withdraw more tokens. Additionally, the attackers reportedly manipulated the amount of wBTC by donating large amounts of her WBTC into her hToken contract, causing the exchange rate to rise. According to Certik, large loans were made under manipulated exchange rates.
On the other hand, Hundred Finance Asked US users affected by the attack, especially those in New York, are encouraged to contact the company on Twitter or Discord.
Uno Re, a decentralized finance (DeFi) risk-based insurance and reinsurance protocol, reached Head over to Hundred Finance following the latest developments to track your funds and provide assistance in implementing security measures to mitigate future risk. Jaskanwar Singh, co-founder of the company, murmured They said they were “actively tracking the funds” regarding the attack.
It’s worth noting that Hundred Finance has been hacked before. An abuser stole about $6.5 million worth of his ETH from the protocol last year in a reentrant attack.
Despite the exponential growth of the DeFi space, security threats are escalating. According to Chainalysis, DeFi protocols will contribute to 82% of all stolen crypto assets in 2022, equivalent to a loss of $3.1 billion.
Hundred finance ($HND) fell by approximately 60% within nine hours of the attack. Currently the token is trading at $0.02429 and in 24 hours he is up 30.7%.
What is Hundred Finance:
Hundred Finance is a decentralized application (dApp) that allows you to lend and borrow cryptocurrencies. It is a multi-chain protocol that integrates with chainlink oracles to ensure market health and stability while focusing on long-tail assets.
Learn more about Hundred Finance here.
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