Multi-chain Lending Protocol Hundred Finance Exploited of $7.4M

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Multi-chain Lending Protocol Hundred Finance Exploited of $7.4M
Credit: © Reuters.

  • Since the attack news, HND has dropped by almost half, down to $0.0212.
  • The hacker altered the exchange rate between Ethereum ERC-20 and hTOKENS.

On Saturday, the multi-chain lending protocol Hundred Finance said that it had been hacked on the Ethereum layer-2 blockchain Optimism, losing almost $7 million in the process. The protocol team has warned against speculation until an official statement has been released detailing the findings of the post-mortem they are doing on the assault.

Hundred Finance also said it was communicating with the hacker in an effort to get back at least part of the money. Hundred Finance also tweeted that it was in contact with several security groups to investigate the situation.

No Negotiations Yet

A member of the Hundred Finance team going by the handle acidbird indicated in a chatroom on their discord server that the “hacker is not talking yet” but that they are working “on all possible scenarios.” Users in New York who were affected by the incident were advised to reach out to Hundred Finance on Sunday through Twitter or the chat software Discord.

On Saturday, when the protocol’s Hundred Finance token, HND, was worth roughly $0.0416 according to CMC (NS: CMC ) data, Hundred Finance issued a Twitter warning about the assault. Since then, it has dropped by almost half, down to $0.0212.

Furthermore, to explain how the hacker stole $7.4 million worth of digital assets by altering the exchange rate between Ethereum ERC-20 and hTOKENS, blockchain security company CertiK took to Twitter.

Moreover, according to the website, hTOKENS are “interest-bearing, tokenized representations of user deposits” whose value varies based on the borrowing and lending habits of other users.

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