Hope Lend DeFi Protocol Loses 526 ETH After Exploit

A hacker allegedly paid a bribe to an Ethereum validator in order for the transaction to be approved.
Hope Lend DeFi Protocol Loses 526 ETH After Exploit
Hope Lend DeFi Protocol Loses 526 ETH After Exploit

Hope Lend, an Ethereum-based decentralized finance (DeFi) network, was hacked for over 500 ether worth $825,000 in a hack that drained nearly all assets from the protocol.

According to blockchain security firm, On October 18th, two persons stole a total of 526 ETH from Hope Lend by discovering and exploiting a vulnerability.

According to CertiK, the successful hacker made off with 264 ETH after paying a bribe of 263 ETH to an Ethereum validator. The nature of the exploit was not disclosed.

Hope Lend’s creators reported that the attack was carried out by a single hacker who profited 264 ETH after validator rewards. They indicated that the cash involved “remain secure” while the situation is investigated.

The attack happened just two days after analytics company DeFiLlama said it will start tracking Hope Lend’s smart contracts. According to on-chain statistics, Hope Lend had almost no leftover assets in its protocol at the time of writing.

While Hope Lend did not elaborate on the exploited vulnerability, blockchain sleuth ZachXBT surmised that it had difficulties with Bitcoin decimal handling, similar to a recent Wise hack.

In its statement after the hack, Hope Lend stressed:

“It is critical to underline that all protocols deployed on Hope are self-contained and will have no affect on the other products and protocols now running on the platform.”

More From The Kangaroo Times

Total
0
Shares
Related Posts
Total
0
Share