{"id":50051,"date":"2023-08-18T09:24:03","date_gmt":"2023-08-18T13:24:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/defi-lender-exactly-protocol-exploited-for-12-million\/"},"modified":"2023-08-18T09:24:05","modified_gmt":"2023-08-18T13:24:05","slug":"defi-lender-exactly-protocol-exploited-for-12-million","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50051","title":{"rendered":"DeFi Lender Exactly Protocol Exploited For $12 Million"},"content":{"rendered":"
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Optimism-based decentralized crypto lender Exactly Protocol suffered a bridge exploit as it lost as much as $12 million worth of ETH earlier today.<\/p>\n

Blockchain security firm De.Fi reported<\/a> that the hacker used an exploiter contract on Ethereum that transferred deposits to Optimism before ultimately bridging stolen funds back to Ethereum.<\/p>\n

The total value locked on the protocol also took a nosedive shortly after the bridge exploit.<\/p>\n

Protoco\u2019s TVL plummeted from $36 million to under $26 million, according to data<\/u> from DeFi Llama.<\/p>\n

The protocol’s native governance token (EXA) also fell by more than 15% following the bridge exploit as it currently trades at $4.91,<\/p>\n

Due to its relatively new technology, cross-chain bridges have emerged as a prevalent target for hackers, with over $2 billion reportedly lost to bridge-related hacks last year, Chainalysis revealed.\u00a0<\/p>\n

The Defi protocol acknowledged the hack and put out a tweet <\/a>saying that they’re actively investigating the security issue within the protocol.\u00a0<\/p>\n

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\u201cTo ensure user safety, the protocol is temporarily paused (you can still withdraw assets). Our team is on top of this and will share more details asap.\u201d<\/p>\n<\/blockquote>\n

DeFi Hack Coincides With Overall Downturn in Crypto Market.\u00a0<\/h2>\n

The hacking incident comes at a time when there is an overall downturn in the broader cryptocurrency market, leading altcoins including XRP, LTC, and BCH experienced substantial double-digit declines. The leading cryptocurrency Bitcoin also slumped to as low as $25,200 briefly before making a slight recovery earlier today.<\/p>\n

Nearly $1 billion worth of positions were liquidated within a span of 24 hours as the entire market witnessed the bloodbath.\u00a0<\/p>\n

The ongoing cross bridge exploits have become a major concern for the crypto industry.\u00a0<\/p>\n

As reported earlier, Hundred Finance, a lending and borrowing DeFi protocol on the Optimism [OP] network, also suffered a major hack on 15 April. The hack led to the exploitation of $7 million worth of crypto assets.<\/p>\n<\/p><\/div>\n