Monday, June 12, 2023

Sturdy Finance Falls Victim to Exploit, Losing 442 ETH in Latest Defi Hack

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Decentralized finance (defi) platform Sturdy Finance was exploited on Sunday evening, losing 442 ether to an attacker. The team behind the project stated that it is aware of the reported exploit and paused markets at 10:19 p.m. ET.

442 Ethereum Worth Over $766K Siphoned From Sturdy Protocol

The defi community has experienced another hack, with the Sturdy Finance protocol suffering a loss of 442 ETH, equivalent to an estimated $766,900, according to a summary by Blocksec, a smart contract auditing security team. The issue was also discovered by the blockchain intelligence firm Peckshield at 9:28 p.m. ET.

Sturdy Finance is a lender that enables defi users to borrow against liquidity tokens from specific decentralized exchange (dex) platforms. In addition, Blocksec shared a screenshot depicting the steps taken to drain the funds using a flash loan technique. A Peckshield Alert notified the community that “the exploiter has already transferred 442.6 ETH to Tornado Cash,” the well known ETH mixer.

Sturdy Finance addressed the situation on Twitter and said, “We are aware of the reported exploit of the Sturdy protocol. All markets have been paused; no additional funds are at risk and no user actions are required at this time. We will be sharing more information as soon as we have it.”

Sturdy currently has approximately $10.78 million locked into the defi protocol. However, according to defillama.com statistics, the figure was around $12.8 million the previous day. Although 2023 has witnessed several defi hacks, the number of attacks has been significantly lower compared to 2022. Additionally, victims in 2023 have been successful in recovering a substantial amount of funds from this year’s attacks.

What are your thoughts on the recent Sturdy Finance hack? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

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