Multichain lending protocol Hundred Finance got hacked on Ethereum layer2 scaling solution Optimism, leading to a loss of about $7 million.

The DeFi platform confirmed the exploit on April 15, stating that it has contacted the hacker and is currently working with various security teams. The protocol further urged anyone who could help with information to reach out.

“Once again we hope the hacker will reach out back to us and we will be able to find a joint solution to resolve this matter,” the team tweeted.

Meanwhile, this is not the first time Hundred Finance has been hacked. In 2022, Hundred Finance and Agave were exploited in a reentrancy attack on Gnosis Chain. At the time, the two platforms lost $11 million.

Hundred is a fork of the popular Compound protocol and has been deployed on several blockchains.

How Was Hundred Finance Hacked?

According to Peckshield, the hacker stole the funds by donating 200 WBTC to inflate the exchange rate for hWBTC. This made it possible to drain the lending pools with a tiny amount of hWBTC.

Another blockchain security firm Certik corroborated Peckshield’s finding. Certik
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Author: Oluwapelumi Adejumo

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