By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BlockscrollBlockscroll
Notification Show More
Latest News
Alameda Files Lawsuit to Recoup $446 Million in Cryptocurrency paid to Voyager
Alameda Files Lawsuit to Recoup $446 Million in Cryptocurrency Paid to Voyager
Crypto
OpenSea Expands NFT Category's Game Option
OpenSea Expands NFT Category’s Game Option
Blockchain NFT
Mastercard and Binance partnered to offer prepaid services in Brazil
Mastercard and Binance partnered to offer prepaid services in Brazil
Crypto
Bitcoin Soars to Record Heights with its Best January in Last 10 Years
Bitcoin Soars to Record Heights with its Best January in Last 10 Years
Bitcoin Crypto Ethereum
Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted
Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted
Bitcoin
Aa
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
Reading: Ola Finance’s DeFi Lending Protocol Gets Exploited for $3.6 Million
Share
BlockscrollBlockscroll
Aa
Search
Have an existing account? Sign In
Follow US
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Blockscroll > Blockchain > Ola Finance’s DeFi Lending Protocol Gets Exploited for $3.6 Million
Blockchain

Ola Finance’s DeFi Lending Protocol Gets Exploited for $3.6 Million

Teresa Bach
Last updated: 2022/11/19 at 11:54 AM
By Teresa Bach 10 months ago
Share
3 Min Read
Inverse Finance, a lending platform based on Ethereum, got hacked
SHARE

An open-source, decentralised financial system called Ola Finance has been the victim of a re-entry assault that resulted in the loss of $3.6 million in cryptocurrency.
As Ola Finance summarised the attack and revealed that the stolen protocol value was around $4.67M in ETH, BTC, and FUSE pricing. There were 216,964 USDC, 507,216 BUSD, 200,000 fUSD, 550.45 WETH, 26.25 WBTC, and 1.24 million FUSE stolen by the hackers.

We will soon be publishing an official report detailing the exploit that occurred on the @voltfinance Lending Network and the plan for recourse.
Thank you to @peckshield for providing swift coverage and helping us analyze the root of the exploit.
Read Primer 🧵: https://t.co/UDU10C2YSa
— Ola.finance (@ola_finance) March 31, 2022

About the re-entrancy attack
PeckShield, a blockchain security startup, released a detailed analysis and diagnosis of the vulnerability.
In a re-entrancy attack, a threat actor exploited flaws in Ola Finance’s smart contracts to give a loan based on bogus collateral to the protocol’s decentralised lending platform.
According to the security company. Tornado Cash, an anonymous transfer mechanism, was used by the threat actor to withdraw cash.
Loans were withdrawn from Ola Finance’s decentralised lending platform when the cash from Tornado Cash was moved to the Fuse network, on which Ola Finance operates. 
Using the built-in callback methods of ERC677 and ERC777 tokens, the hack was made possible because of the incompatibility between the Compound fork and these tokens.
Axie Infinity’s Ronin sidechain was attacked for $625 million in a previous assault on decentralised finance (DeFi) systems, making this the latest in a series of attacks. 
After a number of high-profile hacks on DeFi systems, several experts have called for an enhanced examination of smart contract programming.
Hackers Have Their Eyes on DeFi
The $625 million Ronin network attack by Axie Infinity was just a few days before the Ola Finance hack. Ronin has been hacked to the tune of 173,600 ETH and 25.5 million USDC, making it one of DeFi’s biggest ever hacks.
Since the Ola Finance hack, reentrancy attacks have been utilised in several high-profile breaches. A reentry fault and a flash loan vulnerability were used to steal over $11 million from Agave and Hundred Finance on March 16, according to FXEmpire.
DeFi thefts are becoming more widespread, despite the fact that Ola Finance’s intrusion is less than those previously reported.
***

You Might Also Like

OpenSea Expands NFT Category’s Game Option

Georgia to Initiate a Pilot Program for Digital Currency

$1M+ Bored Ape Collection Stolen by Social Engineering

RBI will Begin a Retail Digital Rupee Pilot on December 1

Banks in the United States Begin Testing a Digital Dollar Blockchain Pilot

Teresa Bach April 2, 2022
Share this Article
Facebook Twitter Email Print
Share
Teresa Bach
By Teresa Bach
Teresa is a crypto writer. She is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood, and loves listening to folk music.
Previous Article Bitcoin Why The Latest Correction Is Good For Bitcoin
Next Article Ukraine Raises $600,000 Using NFTs Ukraine Raises $600,000 Using NFTs
BlockscrollBlockscroll
Follow US

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?