Hundred Finance suffered the attack on March 16, losing 2363 ETH, HND price drops immediately
Hundred Finance lost approximately 2,363 ETH, or $6.5 million, in a recent attack on March 16. The attacker exploited the loan contract and used Tornado Cash to hide their tracks.
On March 16, 2022, the @HundredFinance protocol suffered from a reentrancy attack costing over 2363 $ETH.
We’ll break down what happened and where the funds are now.
— SlowMist (@SlowMist_Team) March 17, 2022
Hundred Finance loses $6.5 million in DeFi reentrancy attack
DeFi lending protocol Hundred Finance lost more than 2,363 ETH, worth around $6.5 million, in a recent attack on March 16. Blockchain security firm SlowMist tweeted about the attack, break the attack, and show the flow of money.
Hackers used the Tornado Cash mixing service to hide traces of funds, which is common among bad guys who carry out similar attacks. The hacker’s address bridged funds to the Gnosis chain to create malicious contracts that quickly borrowed millions of dollars from SushiSwap as collateral on Hundred Finance.
They then use an advantage in the loan agreement, borrowing more than their collateral is offered, doing so until millions are generated. These funds were converted to ETH and sent back to the Ethereum network.
The year 2022 has seen many attacks on the DeFi market, and it is clear why, as hackers see that there is a lot to gain from the many development projects in TVL every day.
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