Monday, June 17, 2024
HomeDeFiSaddle Finance hacked in DeFi exploit for $10 million

Saddle Finance hacked in DeFi exploit for $10 million

A DeFi attack today hacked Saddle Finance, a decentralised exchange for exchanging stablecoins. According to on-chain statistics, the exploit was carried out at 07:40 UTC and netted about 3,540 ether ($10 million).

The incident was confirmed by Saddle Finance, which said its team was looking into a “potential exploit.” BlockSec, a smart contract auditing business, was the first to uncover the flaw and alerted Saddle. With an internal system that can detect and front-run hacking incidents employing off-chain arbitrage bots known as flashbots, BlockSec was able to save $3.8 million from the exploiters.
Around 4,900 ether ($13.8 million) was paid for the project. “We were able to save 1,360 ether ($3.8 million) from them” , On Twitter, BlockSecTeam informed The Block.
Despite this, the hacker took almost $10 million in ETH from Saddle’s liquidity pools. Saddle Finance said it was working with BlockSec to collect the $3.8 million.

Read more: Hacker attacks on DeFi projects swipe $80 million

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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