A hacker attacked decentralized finance (DeFi) lending protocol applications Agave and Hundred Finance. He then seized a total of $11 million worth of altcoins. Due to the impact of the attack, the prices of the two DeFi altcoins fell sharply. Here are the details…
Agave and Hundred Finance, hacked
Agave and Hundred Finance attack, cryptocoin.com As we reported, it came 24 hours after we got the news of the Deus Finance exploit, in which hackers stole over $3 million in Dai and Ethereum from the loan contract platform. According to the descriptions, the hacker; After using a “re-entrancy” attack on Agave and Hundred Finance, Wrapped ETH earned around $11M in Wrapped BTC, Chainlink, USDC, Gnosis and Wrapped XDAI. Agave said at noon yesterday, “Agave is currently investigating an exploit in the agave finance protocol. We’ll update you as soon as we know more,” he tweeted.
Contracts are reportedly on hold until the case is resolved. The Hundred Finance team also tweeted that the Gnosis chain was exploited, stating that it is halting operations while continuing their investigations. According to on-chain analysis, the address associated with the attacker used a crypto mixer to launder the stolen tokens. More than 2,100 Ethereums were sent to this “scrambler” – which equates to over $5.5 million.
DeFi altcoin prices plummet
Solidity developer Shegen tweeted that he lost $225,000 in the exploit, and his investigations revealed that the attack worked by exploiting a wETH contract function on the Gnosis Chain that allowed the attacker to continue borrowing cryptocurrencies. The attacker exploited this vulnerability and continually borrowed against the collateral they had issued until the funds were withdrawn from the protocols. According to the data, Agave’s token AGVE fell by 24.9 percent after the attack. While the cryptocurrency was trading at a value of $ 70.03 during the day, the spread of the news of the hack pulled it back to $ 52.32.
Hundred Finance’s token, HND, on the other hand, does not seem to have been impacted as much as AGVE. The altcoin fell 4.7 percent after the disclosure of the exploit, falling from $ 0.612 to $ 0.553. At the time of writing, it’s changing hands at $0.555.
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