- A DeFi protocol lost over $7 Million in a data security breach on April 15, 2023.
- Earlier in March 2022, the same protocol lost over $6 Million in a hack.
Hundred Finance, a leading decentralized finance company, reported that its Optimism layer-2 scaling solution got hacked. The DeFi protocol informed that it saw a significant security breach on April 15, 2023.
Hundred Finance informed via a Twitter post that it lost around $7 Million in a security breach operated by an unknown group of hackers. In a Twitter thread, Hundred Finance said they had messaged the hackers and are working closely with technical teams to understand the incident clearly.
The protocol is continuously trying to reach out to the hackers. The company hopes that the attacker will help them find a joint solution to overcome losses and fix the bug leading to the financial blow.
Certik, the blockchain security firm, is investigating the data breach incident, and at the time of writing, the scope behind the hack is unclear. However, the security firm is analyzing the issue caused and will update the community and users soon.
On April 16, 2023, Hundred Finance updated its community and flowers to not speculate on how the attack was executed; the team is preparing a post-mortem. According to the post, the main focus is establishing better communication with hackers and reaching an agreement.
It is not the first time hackers hacked Hundred Finance; earlier in March 2022, the DeFi lost over $6.5 Million in a reentrancy attack. Reports claim that hackers used Tornado Cash to mix their transactions in blockchain to avoid being caught.
Since the beginning of this year, we have seen numerous attacks in the crypto market. It is evident why the hackers know much to be gained from the countless projects growing in TVL daily.
Major Crypto Hacks In 2023
The most recent hack other than Hundred Finance remains the Bitrue hot wallet attack. The crypto exchange lost $23 Million in the event. The hacked wallet held around 5% of the total funds of the crypto exchange.
Moreover, in the same post, the team underlined that they are considering the exploit seriously and working to figure out the situation. The crypto exchange has halted all its withdrawals and conducted a security checkup to ensure things are going well.
Earlier on April 11, 2023, hackers targeted the official Instagram account of The Sandbox. According to CertiK, hackers drained $3.7 Billion from Web3 spaces in 2022, an almost two-fold increase year-on-year.
TheCoinRepublic reported on April 10, 2023, that TerraPort, the recently launched DeFi liquidity pool, got hacked and lost over $15 Million in crypto.
On April 4, 2023, Sentiment, a DeFi network, was hacked by a group of unknown hackers, wiping out over $1 Million. To recover the amount, Sentiment offered the hacker to take $95K from the stolen funds and return the rest to the platform.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/04/16/crypto-hackers-snatches-7-million-from-hundred-finance/