Hundred Finance, a multi-chain lending protocol, was hacked with Optimism, Ethereum’s layer-2 scaling solution, resulting in a loss of approximately $7.4 million.
Hundred Finance hacked
April 15th, DeFi Platforms announced Having been in contact with hackers and working with many security teams. The protocol also called on anyone with information to be contacted.
This isn’t the first time Hundred Finance has been hacked.
In 2022, reentrant attacks against the Gnosis chain used Hundred Finance and Agave as tools. At the time, the two platforms lost him $11 million.
A fork of the popular Compound protocol, Hundred has been implemented on several blockchains.
Peckshield claims hackers donated 200 WBTC. A derivative of the protocol, he increases hWBTC. This allowed him to deplete the loan pool using only a small amount of his hWBTC, resulting in a loss.
Peckshield and CertiK, another blockchain security firm, endorsed the results.
According to CertiK, the attackers changed the rate at which ERC-20 tokens and htokens are exchanged. A hacker has boosted the exchange rate by donating a substantial amount of his WBTC into his htoken contract.
The attackers then used that rate to borrow large sums of money at the new exchange rate to pay off their initial investment. Hundred said the hack cost him $7.4 million.
Meanwhile, Numen Cyber claimed You lose 1,030 Ethereum (ETH) worth over $2 million.
🚨 We have detected that @HundredFinance on #Optimism has been hacked, resulting in a loss ~1030 ETH (approx US$2.16 mil)
Tx: https://t.co/AoEMqlw4dYhttps://t.co/cv78fLbtC9 https://t.co/EYF9gwWz3k pic.twitter.com/4kUjiNgYUy
— NumenAlert Ⓝ (@NumenAlert) April 15, 2023
Hundred Finance Team Said Its members today stopped speculating about how the attack took place. According to the procedure, its main purpose is to contact and understand the attackers.
DeFi hacking in 2023
The incident will spur a rise in total hacking losses in 2023 and serve as a reminder of the dangers of decentralized finance (DeFi). Following the Euler Finance attack exploits in March, there have been several hacks in recent weeks.
In the first two weeks of April, vulnerabilities in DeFi protocols such as Allbridge, Sentiment and Yearn Finance were exploited. More than $20 million was lost in these hacks, according to a study conducted by Defilama.