Hacker Exploits Rounding Issue
Decentralized lending protocol Onyx Protocol fell victim to an exploit resulting in the loss of approximately $2.1 million. The hacker took advantage of a known bug, specifically a rounding issue related to the popular CompoundV2 fork. This exploit went undetected by the protocol until blockchain investigator PeckShield alerted them about the hack.
Similar Attack in the Past
This is not the first time this bug has been exploited. In April, an attacker used the same bug to steal $7 million from multichain lending protocol Hundred Finance. The attacker manipulated the exchange rate between ERC-20 tokens and hTOKENS, allowing them to withdraw more tokens than initially deposited.
Enhancing Crypto Security
With the rise of hack attempts in the crypto space, it is crucial to understand how to track and secure cryptocurrencies. A recent article from Cointelegraph Research provides insights into various methods to strengthen crypto security using blockchain analysis. These methods include transaction tracing, address clustering, behavioral analysis, pattern recognition, regulatory vigilance, and collaboration.
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