Ethereum decentralized finance (DeFi) protocol Hope Lend has fallen victim to a devastating hack attack. Following the hack, there was almost zero assets left in its protocol.
Ethereum DeFi protocol fell victim to attack
According to multiple Blockchain security firms, two people discovered the exploit on October 18. A pioneer who later defeated the original hacker and the original hacker himself stole a total of 526 Ethereum (ETH) from Hope Lend, worth $825,357 at the time of publication. CertiK said, “The successful attacker earned 264 ETH. Additionally, he paid a bribe of 263 ETH to 1 ETH validator.” he wrote.
Following these developments, Hope.money, the developer of the DeFi protocol, announced a different version of the story. In the social media thread Hope.money staff said:
It is very important to emphasize that all protocols deployed on http://Hope.money are independent and will not impact the various other products and protocols currently live on the platform, including HopeCard, HopeSwap and HOPE. We are committed to ensuring that the rights of affected users are protected and the relevant funds remain safe.
Protocol looks at the issue from a different perspective!
Two days ago, DeFi aggregator DeFiLlama announced that it would start monitoring Hope Lend’s smart contracts for data curation. At the time of publication, Ethereum DeFi protocol Hope Lend had no significant presence within the protocol. The developers did not specify the cause of the incident. On-chain detective Spreek claimed that the attack “appears to be related to wrapped Bitcoin (WBTC) decimals and rounding, similar to the recent Wise Lending attack.” Regarding the issue, Hope.money made the following statement via the X account:
On October 18, 2023, at 14:48:59 UTC, the HopeLend protocol fell victim to a hacker attack. It is important to note that the hacker did not profit from this attack. The attack resulted in a loss of approximately 528 ETH, of which 263.91 ETH was bribed by the attack leader to a Verifier (managed by Lido). The exploit pioneer eventually made a profit of 264.08 ETH. We are currently actively reaching out to relevant parties and retrieving relevant assets.
On October 18, 2023, at 11:48:59 AM +UTC, the HopeLend protocol fell victim to a hacker attack. It is important to note that the hacker did not profit from this attack.
The attack resulted in a loss of approximately 528 ETH, out of which 263.91 ETH were bribed by the frontrunner…
— Hope.money⚡️ (@Hope_money_) October 18, 2023
cryptokoin.comAs you follow from , DeFi hacks are not a rare event in the crypto world. There are security vulnerabilities in a relatively new industry, and hackers do not stop exploiting them. DeFi protocols on Ethereum are no exception. Therefore, investors and users need to be careful when choosing platforms and do good research. Because the risk of losing assets in an area that is not subject to any regulation is quite high.
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