Cryptocurrencies

Hundred Finance hacker moves stolen assets a year after $7 million exploit

Hundred Finance hacker moves stolen assets a year after $7 million exploit hacker who stole $7.4 million from decentralized finance (DeFi) protocol Hundred Finance has begun moving cryptocurrency assets after a year of inactivity.

Hundred Finance Hacker Moves Stolen Assets A Year After $7 Million Exploit

On May 1, a hacker transferred approximately $800,000 worth of Ethereum (ETH) and Tether (USDT) from the Curve decentralized exchange (DEX) after providing liquidity on the platform for more than a year.

After withdrawing the funds, the hacker converted USDT and other cryptocurrencies into ETH. This increased the exploiter’s ETH value by more than $1 million.

Hundred Finance hacker moves stolen assets a year after $7 million exploit

The hacker currently has a total of $4.3 million in assets in the wallet, which includes several crypto assets such as Dai, Wrapped Ether, Frax, and Wrapped Bitcoin.

On April 15, 2023, the DeFi protocol reported a security breach in the Optimism Network’s Layer 2 network.

According to blockchain security firm CertiK, the attacker manipulated the exchange rate between ERC-20 tokens and hTOKENS. This allowed them to withdraw more of the tokens that had been deposited.

This is commonly known in the DeFi world as a flash loan attack. This type of attack vector usually involves borrowing large amounts of money with some form of unsecured loan from a lending platform.

The attacker then uses the assets to manipulate the price of cryptocurrencies on DeFi platforms. In the Hundred Finance hack, large loans were obtained at a fake exchange rate.

In 2022, Hundred Finance also suffered from the Gnosis Chain exploit. The protocol’s liquidity was drained by a re-entry attack, resulting in a loss of $6 million.

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While flash loan attacks have wreaked havoc in the space in the past few years, April 2024 showed a significant decline in losses from this type of hack.

According to a report by CertiK, flash loan attacks caused a loss of just $129,000 in April. The largest single incident of the month caused just $55,000 in damage. This is the lowest amount lost to flash loan attacks since February 2022, CertiK said in the report.

Meanwhile, losses from cryptocurrency hacks also generally decreased in April. Security company PeckShield reported that just $60 million was lost to breaches during the month. This represents a sharp decline compared to the months of February and March, which recorded losses of $360 million and $187 million.

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