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Home » Hundred Finance DeFi Protocol Becomes Latest Target of $7M Hack

Hundred Finance DeFi Protocol Becomes Latest Target of $7M Hack

Hania by Hania
April 17, 2023
in General News
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Hundred Finance DeFi Protocol Becomes Latest Target of $7M Hack
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Over $7 million from the protocol was purportedly stolen by the attacker by manipulating the rate at which ERC-20 tokens and hTOKENS exchange.

A major security issue has been found in the Hundred Finance multichain lending protocol on the Ethereum layer-2 blockchain Optimism. According to a tweet from the protocol, the losses total $7 million.

Hundred Finance DeFi Protocol Becomes Latest Target of $7M Hack
source: @HundredFinance

On April 15, Hundred Finance announced the exploit and stated that it had been in touch with the hacker and was working with multiple security teams to address the issue. The protocol does not specify how the attack was carried out, however, the blockchain security company CertiK identified it as a flash loan attack:

#CertiKSkynetAlert 🚨@HundredFinance’s attacker manipulated the exchange rate between ERC-20 tokens and htokens which allowed them to withdraw more tokens than they had originally deposited. The estimated losses of this attack is around $7.4 million.

Stay vigilant! https://t.co/1hxAnFoNjj

— CertiK Alert (@CertiKAlert) April 15, 2023

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Flash loan attacks involve hackers obtaining a significant amount of funds from a lending protocol in the form of an uncollateralized loan. The hacker then makes use of these funds to manipulate the decentralized finance (DeFi) platform’s asset price. 

According to Certik, in Hundred’s scenario, the attacker manipulated the rate at which ERC-20 tokens and hTOKENS exchanged, enabling them to withdraw more tokens than they had initially invested. The blockchain security company continued on saying:

Through Cash value, the exchange rate formula was manipulated. The amount of WBTC that the hBTC contract holds is known as cash. By sending significant quantities of WBTC to the hToken contract, the attacker caused the exchange rate to rise.

According to Certik, significant loans were obtained while the exchange rate was manipulated. A post-mortem report on the incident was prepared by Hundred Finance.

Nearly a year has passed since Hundred had been exposed to another Gnosis Chain exploit before this attack. Using a reentrancy attack, the hacker then completely drained the protocol’s liquidity, stealing $6 million. The hacker also stole money from the Agave protocol exploiting the same attack.

Hundred Finance DeFi Protocol Becomes Latest Target of $7M Hack

DeFi  Hacks in 2023

Many hackers have been using flash loan attacks to target DeFi protocols since last year. Recent incidents include attacks on Mango Markets ($46 million) and Euler Finance ($196 million). While Mango’s hacker has been arrested by American police, Eulerwhile’s hacker has refunded most of the stolen money.

The first two weeks of April saw the exploitation of DeFi protocols like Allbridge, Sentiment, and Yearn Finance. Data shows that these breaches caused losses of more than $20 million.

This incident adds to the growing list of losses from hacks in 2023 and emphasizes the dangers of DeFi even further. 

Tags: BLOCKCHAINdefi hackserc-20 tokenEthereumflash loan attackhackmultichain lending protocol
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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