DeFi lending protocol, Hundred Finance, hacked for $7.4m

Multichain lending protocol, Hundred Finance, was hacked on Ethereum’s layer-2 scaling resolution, Optimism, leading to a lack of roughly $7.4m.

Hundred Finance hacked

On April 15, the DeFi platform announced that it had contacted the hacker and collaborated with many safety groups. The protocol additionally requested anybody with data to get in contact.

Estimated present loss is ~7m USD.

As soon as once more we hope the hacker will attain out again to us and we will discover a joint resolution to resolve this matter. 🙏

Thanks everybody to your assist and assist throughout these troublesome instances. ❤️ https://t.co/wLGAl4AAGA

— Hundred Finance (@HundredFinance) April 15, 2023

This isn’t the primary time Hundred Finance is being hacked.

In 2022, a reentrancy assault on Gnosis chain used Hundred Finance and Agave as instruments. The 2 platforms on the time misplaced $11m.

The well-known Compound protocol’s fork, Hundred, has been applied on a number of blockchains.

Peckshield claims that the hacker donated 200 WBTC, a stablecoin pegged to bitcoin; to extend the the protocol’s spinoff, hWBTC. This allowed the mortgage swimming pools to be drained utilizing solely a small amount of hWBTC, leading to losses.

Peckshield and CertiK, one other blockchain safety firm, supported the outcomes.

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Based on CertiK, the attacker modified the speed at which ERC-20 tokens and htokens are exchanged. The hacker raised the trade fee by contributing a major sum of WBTC to the htoken contract.

Later, the attacker took benefit of that fee to borrow vital cash on the new trade fee after which redeemed their preliminary funding. Hundred suffered a lack of $7.4m as a result of hack.

Within the meantime, Numen Cyber claimed to lose 1,030 ethereum (ETH) value over $2m.

https://twitter.com/NumenAlert/standing/1647256283890761732?s=20

The Hundred Finance group told its members earlier right this moment to stop guessing about how the assault came about. Based on the process, its main purpose is to get in contact with the attacker and are available to an understanding.

We advise to not speculate on how the assault was executed, group is getting ready a submit mortem.

Predominant focus is set up coms with hacker, attain an settlement.

In parallel we’re gathering all data accessible to be able to have that useful for attainable additional steps.

Thanks

— Hundred Finance (@HundredFinance) April 16, 2023

2023 DeFi Hacks

This incident provides to the mounting complete of damages from hacking in 2023 and serves as a reminder of the hazards of decentralized finance (DeFi). There have been a number of hacks in the previous couple of weeks following the exploit of Euler Finance assault in March.

Within the first two weeks of April, vulnerabilities in DeFi protocols akin to Allbridge, Sentiment, and Yearn Finance had been exploited. Greater than $20m was misplaced as a consequence of these hacks, in accordance with analysis performed by DeFiLlama.