Monday, June 17, 2024
HomeDeFiLending firm Sturdy Finance suffers Ether loss of worth over $800,000

Lending firm Sturdy Finance suffers Ether loss of worth over $800,000

Sturdy Finance, a DeFi lending firm, suffered 442 Ether loss, worth over $800,000 due to an attack. The hacker made use of a bug to alter an invalid price oracle, which ultimately allowed them to steal money from the network. 

The blockchain security company PeckShield informed Sturdy Finance of a transaction activity that appeared to be connected to price manipulation on June 12. After hearing of the attack a little over an hour later, the DeFi protocol acted by stopping all of its markets and assured its customers that no extra funds were at danger.

Sturdy Finance suffers Ether loss
Sturdy Finance suffers Ether loss

The hacker managed to transfer about $800,000 in ETH to the cryptocurrency mixer Tornado Cash, according to PeckShield, in spite of an immediate response from the DeFi loan-giving site. The security company also stated that a flawed price oracle was the “root cause” of the attack.

The blockchain security provider firm BlockSec also emphasised that the breach was carried out using a reentrancy attack, which is a typical technique hackers employ to take money via DeFi pratforms.

By using this technique, hackers can call a function multiple times in a single transaction before the first function call has finished. Hackers can use this to withdraw more money than is permitted. 

Eight important members of the cryptocurrency community’s Twitter accounts were taken over by scammers, who used them to spread their con schemes. Blockchain sleuth ZachXBT claims that after hacking the accounts of well-known DJ Steve Aoki, Pudgy Penguins entrepreneur Cole Villemain, and even crypto critic Peter Schiff, hackers had taken approximately $1 million in cryptocurrency.

In separate news, the Justice Department of the United States has filed charges against two men who were reportedly complicit in the Mt. Gox breach. The department claims that Aleksandr Verner, 29 years, and Alexey Bilyuchenko, 43, conspired to steal and transfer 647,000 Bitcoin.

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