Onyx Protocol Exploit Begins to Loot $2.1 Million in Tornado Cash
Decentralized peer-to-peer lending platform Onyx Protocol lost nearly $2.1 million in a no-money-down market exploit on Oct. 27.
The Onyx protocol hacker exploited the vortex problem behind the popular CompoundV2 fork shortly after alerting the protocol to an undetected hack.
#PeckShieldAlert @OnyxProtocol used for ~2.1M pic.twitter.com/5Z50tCg6MD
— PeckShieldAlert (@PeckShieldAlert) November 1, 2023
PexShield's independent investigation into the matter found that the lack of oPEPE market “was misused by grants to borrow money from other markets”.
“Donated funds are identified using the rotation problem.”
Previously, on April 16, an attacker used the same flaw to steal $7 million from multi-chain lending protocol HundredFinance.
#CertiKSkynetAlert @HundredFinance attacker changed the exchange rate between ERC-20 tokens and htoken, allowing them to issue more tokens than they originally deposited. The loss of this attack is around 7.4 million dollars.
Be alert! https://t.co/1hxAnFoNjj
— CertiK Alert (@CertiKAlert) April 15, 2023
In the Percent case, the attacker adjusted the exchange rate between ERC-20 tokens and hTOKENS, allowing them to issue more tokens than originally deposited, according to CertiK.
RELATED: Crypto thief steals $4.4 million in day as payouts rise in LastPass breach
Constant hacking attempts from bad actors require a greater understanding of the art of tracking cryptohackers.
A recent Cointelegraph research article outlined various methods for strengthening crypto-security through blockchain analytics. As discussed, tracking stolen crypto using blockchain analytics involves six main steps: transaction detection, address clustering, behavioral analysis, pattern recognition, regulatory vigilance, and collaboration.
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