A Solana-based DeFi platform fell victim to a $1.26 million hack. After the attack, all 3 cryptocurrencies’ credit pools were disabled.
$1.26 million hack attack on Solana network
Solana-based DeFi protocol Solend lost $1.26 million in a hack targeting oracle services. According to a tweet by Solend, the Hubble stablecoin (USDH), Coin98, Kamino and Stable loan pools were the targets of the attack.
Oracle services send data from the outside world to Blockchains. This includes any data from weather to product prices to feed smart contracts. These transactions, which took place without intermediaries, were the method of hundreds of hackers over the past month. Alongside a series of hacks throughout the year, there have been increasing security vulnerabilities to oracle services, especially in recent months.
According to security firm Chainalysis, $718 million in hacking took place in the first two weeks of October. Solend, on the other hand, disabled three pools after the attack. Immediately after the hack, they informed the exchanges about the hacker’s address.
Solend was the last of the attacks on the Solana network
Another Solana-based DeFi protocol, Mango Markets, suffered more than $100 million in losses in an attack last month. MNGO price fluctuated around 400% on the day of the attack.
Solend (SLND), on the other hand, remains stable despite the $1.6 million hack. Hubble stablecoin (USDH), Coin98, Kamino and Stable did not show similarly drastic moves. However, these pools are currently closed to trading.
October was a hacker-fighting month in the cryptocurrency market
According to Chainalysis, DeFi projects lost $718 million in 11 different attacks in October. October was the worst month ever for crypto-related crimes, with total losses exceeding $718 million. Data cited by Chainalysis on Thursday noted that the amount was stolen from several DeFi protocols in 11 different attacks. This year “probably will surpass 2021 as the biggest year on record,” the Chainalysis researchers wrote. According to the data, “So far, hackers have grossed over $3 billion in 125 attacks.
Attackers made over $3.2 billion in revenue in 2021. But 2022 got off to a rough start with a $325 million hack of the popular cross chain service Wormhole, followed by a $625 million attack on Axie Infinity’s Ronin bridge, followed by a $200 million attack.
cryptocoin.comAs you follow, on October 7, BNB Chain was hacked for $556 million. Following the attack, Binance temporarily suspended all services of the network.
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