A cryptocurrency platform focused on cross-chain transactions confirmed that hackers stole $6 million from its protocol on January 12. Here are the coins captured by hackers…
‘The safest’ cryptocurrency platform loses $6 million in hack attack
DeFi lending platform LendHub stole $6 million in cryptocurrencies in an attack on Jan. 12, the team reported on Friday. LendHub has contacted blockchain security firms and crypto exchanges to help trace stolen cryptocurrencies. The official announcement summarizes the amount stolen and the next moves:
On January 12, hackers stole nearly $6 million worth of cryptocurrencies from Lendhub. The Lendhub team contacted the SlowMist security team and several mainstream exchanges to follow up on the incident.
Here are the coins captured by hackers
On-chain data shows that the hacker’s wallet address has withdrawn $134,000 worth of 100 Ethereum (ETH) from the sanctioned crypto mixer Tornado Cash. The attacker then bridged these funds to the LendHub platform to launch an attack on the protocol by targeting a critical vulnerability that has yet to be resolved by the team.
This vulnerability involved the existence of two IBSV tokens on the platform; Blockchain security firm SlowMist says one of them has been replaced by another. LendHub failed to delete the old one from its protocol. This created a vulnerability due to the inconsistency in pricing for both tokens on the lending platform.
“By exploiting this vulnerability, attackers were able to manipulate the issuance and redemption process on the old platform while borrowing on the new platform, ultimately stealing significant protocol funds from the new market,” the SlowMist team said.
The attacker soon began bridging funds stolen from the Heco network, on which LendHub operates, to other chains such as Ethereum and Optimism. These cross-chain transfers were made using a variety of tools, including Transit Swap and Multichain. The hacker’s wallet still has approximately $2.6 million worth of USDT and DAI stablecoins as of reporting date.
LendHub claimed to be ‘the safest’ cryptocurrency platform
The DeFi project is touting itself as the “most secure decentralized lending platform” for cross-chain lending. According to its official website, “LendHub is a unique fintech company that specializes in offering small to medium cash loans to its users while also leveraging our homeowners-specific technology.”
The LendHub team has now reported that they will conduct a full investigation into the incident. The hacks are currently holding large amounts of Ethereum, USDC and DAI stablecoins. cryptocoin.com We will pass on the details.
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