Solana (SOL) Based Platform Hacked: How Much Is The Lost Altcoin?

Left (LEFT) Solend, a loan-based loan protocol, reported that the protocol lost $1.26 million as a result of the oracle attack.

The incident occurred Wednesday, as reported by security firm PeckShield.

Solend, with the help of users lending pools cryptocurrency operates a decentralized credit system that allows them to borrow assets and earn interest.

Solana-Based Solend Platform Confirms Attacks

The platform accepted the attack and Hubble stablecoins, Coin98 tokens and Kamino He said he was targeting three lending pools holding his tokens.

“An oracle attack has been detected in USDH affecting the Stable, Coin98 and Kamino isolated pools, resulting in $1.26 million in losses,” Solend tweeted.

The three affected pools were frozen after the event. Solend also clarified that no other lending pools were affected.

An oracle attack on USDH affecting the Stable, Coin98, and Kamino isolated pools was detected, resulting in $1.26M in bad debt. All other pools including the Main pool are safe.

Affected pools have been disabled and exchanges have been notified of the exploiter’s address.

— 🙏🚫 Solend (we’re hiring!) (@solendprotocol) November 2, 2022

According to the Solend team, the attacker exploited an issue in the project’s price-data oracle, a system used to track the prices of different crypto assets.

Malicious people often target lending protocols where they can inflate the price of certain crypto assets and borrow other assets with the goal of never repaying the borrowed amount. This results in unpaid debts or debts that cannot be repaid.

The Solend team has not yet released a review report.

Hacks and attacks related to decentralized finance, a form of lending without intermediaries, have increased over the past month. Security firm Chainalysis reported that $718 million was stolen in the first two weeks of October.

*Not investment advice.