Sturdy Finance, a decentralised finance (DeFi) protocol, has sustained 442 Ether worth losses on account of a security attack. The attacker took advantage of a problem that caused manipulation of a price oracle, which resulted in drainage of funds, as stated by Cointelegraph.
According to Cointelegraph, on June 12, 2023, PeckShield, a blockchain security company, made Sturdy Finance aware of a price manipulative transaction. Post the development, Sturdy Finance stated about knowing of the exploit. In response to the attack, Sturdy Finance halted all their markets and gave users the certainty that extra funds weren’t at risk.
Based on Cointelegraph’s data, Peckshield highlighted that $800,000 worth ETH was transacted by the attacker to Tornado Cash, a crypto mixer. Reportedly, BlockSec, a blockchain security company, mentioned that a reetrancy attack was responsible for the hack. It’s believed that the technique can permit hackers to steal funds more than achievable.
Moreover, Cointelegraph noted that attackers exerted command over eight Twitter accounts belonging to crypto community members and promoted crypto scams. ZachXBT, a blockchain detective, emphasised on scammers stealing around one million dollars worth of crypto post hacking accounts of DJ Steve Aoki, Cole Villemain, founder, Pudgy Penguins, and Peter Schiff.
(With insights from Cointelegraph)
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