Summary:
Crypto lender Exactly Protocol lost $12 million worth of ETH in a bridge exploit. The hacker used an exploiter contract on Ethereum to transfer deposits to Optimism and then bridge the stolen funds back to Ethereum. The total value locked on the protocol dropped from $36 million to under $26 million. The protocol’s governance token (EXA) also fell by more than 15%. Cross-chain bridges have been a common target for hackers, with over $2 billion lost to bridge-related hacks last year. The protocol has acknowledged the hack and temporarily paused the protocol for investigation.
Key Points:
– Exactly Protocol lost $12 million worth of ETH in a bridge exploit.
– The hacker used an exploiter contract on Ethereum to steal funds.
– The total value locked on the protocol dropped from $36 million to under $26 million.
– The protocol’s governance token (EXA) fell by more than 15%.
– Cross-chain bridges have become a prevalent target for hackers.
Hot Take:
The recent exploit on Exactly Protocol highlights the ongoing security concerns in the crypto industry. With hackers targeting cross-chain bridges, it is crucial for protocols to enhance their security measures. This incident, coupled with the overall downturn in the crypto market, serves as a reminder of the risks involved in the decentralized finance space. Investors and users should exercise caution and stay updated on the security measures implemented by protocols to protect their assets.
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