An Optimism-based (OP) decentralized credit market protocol has been hacked, resulting in the theft of millions of dollars worth of Ethereum (ETH).
– The Exactly protocol, an open-source credit market project, was exploited by bad actors, leading to the theft of approximately $7.2 million worth of Ethereum.
– The stolen funds were transferred to different platforms, with approximately 1,490 ETH bridged to Across Protocol and 2,832.92 ETH sent to Ethereum via Optimism Bridge.
– The Exactly protocol has been temporarily paused as the issue is being investigated, but users can still withdraw their funds.
– The hacker bypassed the protocol’s security measures by manipulating the market address in the DebtManager contract and executing a malicious deposit function.
– The news of the hack has had a negative impact on the price of the altcoin EXA, which has experienced a 32% decrease in the last 24 hours, currently trading at $4.28.
Hot Take: OP Protocol Security Breach Leads to Significant Losses for Investors
The recent security breach in the Optimism-based decentralized credit market protocol has resulted in a substantial loss for investors. The hackers exploited the Exactly protocol, stealing around $7.2 million worth of Ethereum. The protocol has been temporarily paused while investigations take place, although users can still withdraw their funds. The hacker was able to bypass security measures by manipulating the market address and executing a malicious deposit function. This incident has had a negative impact on the price of EXA, which has seen a significant decrease. Investors are advised to exercise caution and stay updated on the situation.
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