Decentralized Credit Market Exactly Protocol Falls Victim to $12M Hack
Exactly Protocol, a decentralized credit market on the Optimism network, has recently suffered a hack involving a cross-chain bridge. The hacker exploited a contract on Ethereum, transferring deposits to Optimism and then bridging stolen funds back to Ethereum. It is estimated that 7,160 ETH, equivalent to $12.04 million, has been lost. In response to the exploit, Exactly Protocol’s native governance token, EXA, experienced a decline of over 12% and is currently trading at $5.51. This incident occurred amidst a significant downturn in the broader cryptocurrency market, resulting in double-digit declines for assets like XRP, LTC, and BCH.
Key Points:
- Exactly Protocol, a decentralized credit market on the Optimism network, has been hacked
- The hacker exploited a contract on Ethereum to transfer deposits to Optimism and then bridge stolen funds back to Ethereum
- An estimated 7,160 ETH, worth $12.04 million, has been lost
- The protocol’s native governance token, EXA, experienced a decline of over 12%
- The hack coincided with a broader cryptocurrency market downturn
Cross-chain bridges have become a popular target for hackers due to the relatively new technology. Last year, Chainalysis estimated that bridge hacks resulted in losses of over $2 billion.
Hot Take:
The hack on Exactly Protocol highlights the ongoing security risks associated with cross-chain bridges. As the crypto industry continues to evolve, it is crucial for projects to prioritize robust security measures to protect user funds. This incident serves as a reminder for investors and users to exercise caution and conduct thorough due diligence before engaging with any decentralized platforms.
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