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HundredFinance loses $7 Million to hacker



HundredFinance a veHND model multi-chain lending protocol was hacked on Optimism and confirmed an estimated loss of 7 Millon USD. The exploited firm sent a message to the hacker in view of working out a joint solution. Further, the team updated that they are in talks with different security teams and urged the public to not hesitate to reach out if they can help in any way.

PeckShield, analyzing the event, credited the root cause of the HundredFinance $7M hack to result from the attacker donating 200 WBC to inflate hWBTC’s exchange rate so that even a tiny amount (2 wei) of hWBTC can drain current lending pools.

Further, the HundredFinance exploiter bridged about 1,034 ETH equivalent to $2.18M, 1. 27M USDC, 1.1M USDT, 842.8K DAI & 0.058 WBTC to Ethereum via Multichain.

Afterwards, the exploiter Swapped 1.1M USDT for 500k DAI & 613K FRAX, Swapped 480K USDC for 39 PAXG, 142.6 WETH & 305.5K WOO, then added 786K USDC into Curve, PeckShield updated.

Following the attack Hundred Finance team said all affected USA users, particularly New York should reach out to the team via a Twitter direct message or one of the team members on Discord.

Additionally, HundredFinance made a call to all Compound V2 fork to reach out to the team, in order to share information on the hack. According to HundredFinance the event “is a general flaw in the code and not specific to Hundred deployments.”

In Q1, a whopping $295.2 million was wiped out from web3 in 61 attacks, report says. The highest number of attacks lost in Q1 was credited to March. Nonetheless, the Q1 attack was reported to have reduced looking at the previous quarter. As Q2 continues to unveil, attacks and exploits are being recorded, however, uncertain how it would end compared to Q1. 

Read also;

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