Hundred Finance hacked on Optimism, suffers $7 million loss Hundred Finance hacked on Optimism, suffers $7 million loss
Multi-chain lending protocol targeted in latest DeFi exploit.
1 min read
Updated: Apr. 17, 2023 at 12:05 pm UTC
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Hundred Finance, a decentralized finance (DeFi) multi-chain lending protocol utilizing the veHND model, has experienced a significant security breach on the Optimism layer-2 scaling solution.
The protocol, which integrates with Chainlink oracles to ensure market health and stability, announced via their official Twitter account on Saturday, April 15, that they had been hacked with losses estimated at USD 7 million.
Hundred Finance also noted via Twitter that it had sent messages to the hackers and is in talks with different security teams to better understand the incident.
Blockchain security firm CertiK, which is investigating the incident, stated that the scope of the hack remains unclear at the time of writing.
As this story is breaking, we will update our readers with the latest information and developments as they come to light. Stay tuned to CryptoSlate for comprehensive coverage of this unfolding situation.
Update at 21:22 GMT: According to CertiK, the hacker targeting Hundred Finance exploited the exchange rate between ERC-20 tokens and htokens, enabling them to withdraw more tokens than initially deposited. The estimated financial damage resulting from this attack is approximately $7.4 million.
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Optimism is a layer-2 scaling network for the Ethereum blockchain.
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
CertiK
Founded in 2018 by professors of Yale University and Columbia University, CertiK is a pioneer in blockchain security, utilizing best-in-class AI technology to secure and monitor blockchain protocols and smart contracts.