“Hack Season” Continues in Cryptocurrencies: Another Platform Has Been Hacked, Here’s The Lost Amount!

Ethereum (ETH), Wrapped Bitcoin (WBTC) and USD Coin (USDC) Earning.farm, a user-friendly yield farming platform for owners, has been hacked by malicious hackers.

Earning.farm Hackers Stole Nearly $1 Million

California-based Web3 security firm Supremacy Inc. According to the statement made by earning.farm DeFi yesterday (October 15, 2022) it suffered two attacks.

A key element of earning.farm DeFi’s design, EFLeverVault has been the target of flash credit attacks. Due to a build error in his contract, the attackers were able to withdraw all the Ethereum (ETH) stored in the contract designed to be used as collateral.

As explained by Daniel Von Fange, a veteran Blockchain security researcher, a contract from EFLeverVault was submitted to verify the initiator of the big withdrawal:

“The 750 ETH attack from EFLeverVault a few hours ago occurred because the contract did not confirm that the flashloan callbacks were actually initiated by the protocol, allowing the attacker to tell the protocol to withdraw large sums of funds.”

1/ Hi, @EarningFarm, your EFLeverVault contract was hit by a Flashloan attack that resulted in a cumulative profit of 480 Ether from the MEV Bot and 268 Ether from the hackers. here is a brief vulnerability analysis of the attack.https://t.co/Faw9FyWae1 pic.twitter.com/jhXuqbq1dJ

— Supremacy Inc. (@Supremacy_CA) October 14, 2022

As a result, a total of 750 ETH was siphoned from the protocol: 480 ETH was transferred to a MEV bot, while 268 ETH was taken by hackers.

October Passes With Hack Events

Net losses could exceed $950,000 as Ethereum (ETH), the second largest cryptocurrency, traded at $1,300 yesterday on major spot trading platforms.

October 2022 will be remembered as a month of unique attacks against mainstream DeFi infrastructure. On October 7, 2022, a bridge between two elements of BNB Chain was hacked worth $566 million.

*Not investment advice.