Another DeFi Protocol Bridge Hacked, Millions Worth of Ethereum Stolen
A credit market on the Optimism network called Exactly has experienced a security issue, leading to a hack that resulted in the theft of $7.2 million worth of Ethereum. The protocol has temporarily paused operations but users can still withdraw assets. Security firms PeckShield and De.Fi confirmed the ongoing attack and the stolen amount. The attack was made possible by exploiting a vulnerability in Exactly’s smart contracts. Exactly had a total value locked (TVL) of $36 million before the hack, but it has since dropped to $10 million. Attacks like this are becoming common in the DeFi space, as protocols like Exactly are relatively new and experimental.
Key Points:
- Credit market Exactly on the Optimism network is investigating a security issue and has temporarily paused operations.
- Hackers exploited a vulnerability in Exactly’s smart contracts, resulting in the theft of $7.2 million worth of Ethereum.
- Exactly’s TVL dropped from $36 million to $10 million following the hack.
- DeFi protocols like Exactly are often targeted due to their experimental nature and potential vulnerabilities.
- Bridges in the DeFi space, which facilitate the exchange of different cryptocurrencies, are particularly vulnerable to hacks.
Hot Take: The hacking of DeFi protocols is an ongoing concern in the crypto space. As the popularity of DeFi grows, it is crucial for developers to prioritize security and thoroughly test their protocols to prevent such attacks. The vulnerabilities in bridges pose a significant risk, emphasizing the need for robust security measures and constant monitoring.
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