Hundred Finance, a lending and borrowing DeFi protocol on the Optimism [OP] network, was attacked by a hacker on 15 April. The hack led to the exploitation of $7 million worth of assets. According to data provided by PeckShield Inc, a blockchain security firm, the hacker’s strategy was to donate a large amount of Wrapped Bitcoin [WBTC] to manipulate the price of another cryptocurrency called Hundred Finance Wrapped Bitcoin [hWBTC]. By inflating the exchange rate of hWBTC, the hacker was able to take advantage of a vulnerability on the platform and drain its lending pools by withdrawing a tiny amount of hWBTC. This resulted in significant losses for Hundred Finance and its users. Hundred Finance has been using Twitter to keep its users informed about the recent attack on their platform. In their latest tweet on 16 April, they mentioned that they are attempting to open a dialogue with the hacker in order to come to an agreement. These attacks caused a severe impact on the state of the Hundred Finance protocol. According to data from Dapp Radar, volume and overall transactions on the network have declined.The dApp hack has the potential to affect people’s opinions of the network it operates on.Data from Santiment showed that over the past few days, there has been a decrease in positive sentiment toward the Optimism protocol. This indicates that the general outlook of the crypto community towards Optimism turned more skeptical.
Full story : Optimism: DeFi protocol succumbs to hack, how was OP impacted.
