The hacker responsible for the $7.4 million theft from the decentralized finance (DeFi) protocol Hundred Finance has recently resumed activity after a year of dormancy.
On May 1, the hacker withdrew approximately $800,000 worth of Ether (ETH) and Tether (USDT) from Curve’s decentralized exchange (DEX), where liquidity was provided over a year ago. Subsequently, these funds were converted into ETH, boosting the hacker’s ETH holdings by over $1 million. Currently, the hacker holds a total of $4.3 million in various crypto assets within the wallet, including Dai, Wrapped Ether, Frax, and Wrapped Bitcoin.
Hundred Finance encountered a security breach on the layer-2 network Optimism on April 15, 2023. The attacker manipulated the exchange rate between ERC-20 tokens and hTOKENS, enabling the withdrawal of more tokens than deposited. This incident, categorized as a flash loan attack, mirrors a previous exploit on the Gnosis Chain in 2022, where the protocol suffered a $6 million loss due to a reentrancy attack.
Despite the prominence of flash loan attacks in recent years, April 2024 witnessed a notable decrease in losses attributed to this type of hack. According to CertiK, only $129,000 was lost to flash loan attacks in April, with the largest single incident causing $55,000 in damages, the lowest since February 2022.
Additionally, losses from crypto hacks in general decreased in April, with security company PeckShield reporting $60 million in losses, a significant decline compared to previous months.
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