Optimism-based decentralized crypto lender Exactly Protocol suffered a bridge exploit because it misplaced as a lot as $12 million value of ETH earlier right this moment.
Blockchain safety agency De.Fi reported that the hacker used an exploiter contract on Ethereum that transferred deposits to Optimism earlier than finally bridging stolen funds again to Ethereum.
The whole worth locked on the protocol additionally took a nosedive shortly after the bridge exploit.
Protoco’s TVL plummeted from $36 million to below $26 million, in line with data from DeFi Llama.
The protocol’s native governance token (EXA) additionally fell by greater than 15% following the bridge exploit because it at the moment trades at $4.91,
Attributable to its comparatively new expertise, cross-chain bridges have emerged as a prevalent goal for hackers, with over $2 billion reportedly misplaced to bridge-related hacks final yr, Chainalysis revealed.
The Defi protocol acknowledged the hack and put out a tweet saying that they are actively investigating the safety situation inside the protocol.
“To make sure person security, the protocol is briefly paused (you’ll be able to nonetheless withdraw property). Our workforce is on prime of this and can share extra particulars asap.”
DeFi Hack Coincides With Total Downturn in Crypto Market.
The hacking incident comes at a time when there may be an overall downturn within the broader cryptocurrency market, main altcoins together with XRP, LTC, and BCH skilled substantial double-digit declines. The main cryptocurrency Bitcoin additionally slumped to as little as $25,200 briefly earlier than making a slight restoration earlier right this moment.
Almost $1 billion value of positions had been liquidated inside a span of 24 hours as all the market witnessed the massacre.
The continuing cross bridge exploits have turn into a serious concern for the crypto trade.
As reported earlier, Hundred Finance, a lending and borrowing DeFi protocol on the Optimism [OP] community, additionally suffered a serious hack on 15 April. The hack led to the exploitation of $7 million value of crypto property.
