Solana-Based Lending App Solend Gets Hacked for $1.26 Million in "Oracle Attack"
The Solana-centric lending application Solend lost $1.26 million in an oracle attack, according to Solend’s official Twitter account on Wednesday. A number of affected pools were disabled, and Solend says it has given crypto exchanges the exploiter’s address. Solana Defi Application Solend Loses $1.26 Million in Oracle Exploit
The crypto community has seen two significant hacks in the last 24 hours, and one of them stemmed from the decentralized finance (defi) protocol Solend. The team’s official Twitter account tweeted about the loss after it said it suffered from an oracle attack that affected a number of isolated pools.
“An oracle attack on USDH affecting the Stable, Coin98, and Kamino isolated pools was detected, resulting in $1.26M in bad debt,” Solend tweeted. “All other pools including the Main pool are safe. Affected pools have been disabled and exchanges have been notified of the exploiter’s address — Note that the attack did not involve Pyth,” the Solend team added.
The Solend exploit was also reported by the blockchain and smart contract security auditors Peckshield and Certik. “Solend has detected an oracle attack, resulting in ~$1.26M in bad debt. Affected pools have already been disabled,” Peckshield told the firm’s 37,900 Twitter followers. Certik also confirmed the exploit on Twitter when the company wrote: Solend has reported that an oracle attack on USDH has affected the Stable, Coin98, and Kamino isolated pools. The affected pools have been disabled — Stay vigilant.
The Solend hack follows the crypto options giant Deribit losing $28 million in a hot wallet attack on Nov. 1, 2022. The two hacks further follow a significant rise in hacks that took place during 2022’s third quarter. Certik’s “2022 Q3 Hack3d Report” highlights the fact that malicious actors drained more than $504 million in value from Web3 protocols in Q3 2022. Tags in this story $1.26 million, certik, Certik Q3 report, Defi Bugs, defi exploits, Deribit Hack, Drained $1.26M, Exploit, Exploiter, Hack, Hacker, Hacking, Hacks, Oracle Attack, Peckshield, Pools, Q3 2022, Solana, Solend, Solend Hack, Web3 protocols
What do you think about Solend losing $1.26 million in an oracle attack? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Fantom Network Launches Automated Smart Contract Audit System Watchdog to Monitor for Bugs DEFI | 5 days ago Polygon-Based Decentralized Exchange Quickswap Loses $220K in Flash Loan Exploit DEFI | Oct 24, 2022
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: LTC Hits 6-Week High, as LEO Rises for the Ninth Straight Day Next articleHashflow (HFT) Announces the List on Cryptocurrency Trading Platform MEXC and Binance on November 7 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Iran to Increase Penalties for Unauthorized Cryptocurrency Mining