Hundred financial hacker took the stolen assets after a year of exploitation
The hacker who stole $7.4 million from decentralized finance (DeFi) protocol HundredFinance has started moving crypto assets after a year of inactivity.
On May 1, the hacker moved about $800,000 worth of Ether (ETH) and Tether (USDT) from Curve's decentralized exchange (DEX) after offering liquidity on the platform a year ago.
After withdrawing the money, the hacker converted USDT and other cryptocurrencies into ETH. This increased the exploited ETH to more than $1 million.
The hacker currently holds a total of $4.3 million in the wallet, which includes various crypto assets such as Dai (DAI), Wrapped Ether, Frax and Wrapped Bitcoin.
On April 15, 2023, the DeFi protocol reported a security breach on the Layer-2 network Optimism.
According to blockchain security firm CertiK, the attacker fixed the exchange rate between ERC-20 tokens and hTOKENS. This allowed them to issue more tokens than they deposited.
This is commonly known in the DeFi world as a flash loan attack. This type of attack vector is an unsecured loan that involves borrowing large amounts of money from a lending platform.
The attacker then uses the assets to manipulate the crypto price on DeFi platforms. Huge loans were taken out at rigged exchange rates in the Percent Financial Hack.
In the year In 2022, Hundred Finance also experienced an exploit on the Gnosis chain. The protocol's liquidity was depleted by a rebound attack, resulting in a loss of $6 million.
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While flash loan attacks have wreaked havoc in the space over the past few years, April 2024 saw a significant drop in this type of hacking loss.
According to Certike's report, flash loan attacks cost only $129,000 in April. The largest single event of the month resulted in $55,000 in damage. CertiK said in its report that this is the lowest loss due to credit attacks since February 2022.
Meanwhile, overall losses from crypto hacks decreased in April. According to the security company Pexshield, only 60 million dollars were lost in hacking in a month. This marks a sharp decline from February and March, which posted losses of $360 million and $187 million, respectively.
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