Hundred Finance Latest Victim in DeFi Hacks, Loses $7 Million in Security Breach
Recently there have been lots of security breaches in many popular DeFi protocols. Today, yet another project lost millions in a hacking incident.
Hundred Finance, a lending protocol based on decentralized Finance (DeFi) across multiple chains, has encountered a significant security breach while utilizing the veHND model on the Optimism layer-2 scaling solution.
To ensure market health and stability, the protocol combines with Chainlink oracles. On Saturday, April 15, the protocol declared through its official Twitter account that it had suffered a hack, leading to losses that were approximated at $7 million.
Hundred Finance also stated via Twitter that it had reached out to the hackers and is in discussions with several security teams to better understand the event.
Estimated current loss is ~7m USD.
Once again we hope the hacker will reach out back to us and we will be able to find a joint solution to resolve this matter. 🙏
Thank you everyone for your support and help during these difficult times. ❤️ https://t.co/wLGAl4AAGA
— Hundred Finance (@HundredFinance) April 15, 2023
At the time of writing, CertiK, a blockchain security firm assigned to investigate the incident, has stated that the scale of the breach remains unclear.
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On April 13, Aave and Yearn Finance lost $10 million in an exploit. Before that SushiSwap fell victim to a security breach, which led to the loss of over $3 million, thanks to a bug in the smart contract.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
