In recent hack attempts, Decentralized Finance (DeFi) remains a hot target for exploiters. According to reports, hackers have stolen over $115 million in separate onslaughts in just a day. Most of the funds stolen, over $100 million, are from Solana DeFi Trading platform Mango Markets.
According to the DeFi news portal, The Defiant, the news was shared in a long Twitter thread. According to the platform, the number of hacks could be a new record.
Let us look at the affected platforms.
1. Rabby Swap Hit
Rabby Swap smart contract had a hack, resulting in a loss of $200,000. According to the reports, the vulnerability was in the smart contract, and the hackers took advantage of it. The attack had an impact on multiple chains.
The attack ended up tumbling 114 ETH (146,000 Million) through Tornado Cash shortly after the hack. The hack also ended up with 179 BNB ($48,500).
Meanwhile, developers have had an inquiry, notifying users to revoke all approvals as they investigate the incident.
2. Temple DAO Hit
Based on information from different posts, Temple DAO is one of the DeFi protocols that fell victim to the latest hacks. The hack, mainly on Temple DAO’s Stax.fi, exploited 1,831 ETH ($2.3 million).
However, the attacker was funding the wallet with funds from Binance. This means that there may have been the use of a doxed address. Thus, the investigation into this may be simple.
The alert about the hack was through Paladin Blockchain Security.
Meanwhile, a notification was given by the company for users not to deposit any funds in the contracts until further notice while they give the details of the hack.
The Total Value Locked (TVL) of Temple DAO is $56.96 million. STAX also announces that they can give the attacker a white hat bounty if they choose to return the funds.
Mango Markets Hit
Mango Markets had the largest exploit on its platform, with a loss amounting to $100 million.
The hack happened with the hacker manipulating the oracle price on the protocol to drain the funds. They undertook the spiking up of their collateral value, taking out massive loans (over $100 million) from the Mango treasury. At some point, there was a negative balance of the same amount taken.
The hacker ended up posting a proposal on the Governance protocol, promising to return the funds if Mango repays the bad debts of all accounts from its treasury.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.