Exactly Protocol Exploited, Losing $7 Million in Funds
In the latest DeFi exploit, Exactly Protocol has fallen victim to hackers who have already stolen over $7 million from the project. The hackers managed to bridge 1,500 Ethereum from Optimism to the Ethereum blockchain. As a result, Exactly Protocol’s Total Value Locked (TVL) has plummeted by nearly 60%, dropping from $40 million to $16 million.
- Exactly Protocol’s TVL sharply drops by almost 60%.
- Hackers bridge Exactly Protocol funds to Ethereum.
- Third-party audits fail to prevent vulnerabilities.
- Similar exploits occur with RocketSwap and SwirlLend.
- Community expresses frustration with the state of DeFi.
Despite third-party audits, Exactly Protocol’s code had vulnerabilities that allowed the hackers to exploit the project. This incident has not only resulted in a loss of funds exceeding the project’s total funding amount of $5 million, but it also highlights the ongoing security challenges within the DeFi ecosystem. Unfortunately, Exactly Protocol is not the only DeFi project to suffer an exploit recently. RocketSwap lost over $869,000 due to compromised private keys, and the SwirlLend team conducted a rug pull worth over 252 ETH.
Hot Take: The vulnerability of DeFi projects to exploits continues to be a major concern for the crypto community. While efforts are being made to enhance security within the ecosystem, incidents like these only add to the frustration and skepticism surrounding DeFi.
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