DeFi lending protocol Sturdy Finance was hacked today. 442 Ethereums were lost, which equates to about $800,000. According to reports, the security attack in the cryptocurrency was carried out by an anonymous hacker who exploited the re-entrancy vulnerability to manipulate a faulty price oracle. Here are the details…
Hack alert on crypto currency platform
Blockchain analytics firm PeckShield took to Twitter earlier today to announce the exploit faced by Sturdy Finance. According to PeckShield’s analysis, Sturdy Finance’s exploit showed no signs of security breaches or smart contract hacks. But “the problem seems to be with price manipulation.” The analyst also revealed the hacker’s address, noting that the exploiter moved 442.6 ETH to the decentralized cryptocurrency Tornado Cash, after which the details were hidden using the Tornado Cash mixer.
Acknowledging the issue, Sturdy Finance responded promptly by suspending its trading services to avoid further losses. The platform confirmed that “no additional funds are at risk,” adding that more information on the matter will be updated once the issue is resolved. The team also consoled their community and reassured customers that no immediate action was required.
The price of this coin has been manipulated
According to security firm BlockSec, the root cause is the read-only re-centering of the typical Balancer, while the price of B-stETH-STABLE was manipulated. BlockSec claimed that the attacker was able to steal ETHs through price manipulation. A recent analysis by the DeFi REKT database stated that this month has witnessed about 9 DeFi attacks so far, with the most severe of them being the Atomic Wallet exploit on June 4. The multi-currency wallet has fallen victim to one of the largest crypto exploits to ever occur, resulting in a loss of over $35 million.
Sturdy is the first-of-its-kind DeFi protocol for interest-free borrowing and high-yield lending. Instead of charging interest from borrowers, Sturdy risks their collateral and passes the yield on to lenders. This model changes the relationship between borrowers and lenders to make Sturdy the first positive-sum lending protocol. Backed by leading investors such as Sturdy, Pantera and Y Combinator.
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