According to Twitter @peckshield 1 hour ago, the lending platform Sturdy Finance was hacked for about 442.6 ETH, an amount equivalent to 800k$, immediately after which the hacker laundered the money through Tornado Cash.
Sturdy is the first DeFi protocol of its kind to offer interest-free lending and high-interest lending . Instead of charging borrowers interest, Sturdy deposits their collateral and passes the income on to the lender.
Borrowers on Sturdy use profitable staking assets as collateral, allowing them to invest in projects like Convex, Yearn and Lido with up to 10x leverage.
Liquidity for leverage comes from lenders, who earn a portion of the profits from agriculture.
The damage of the hack amounted to nearly $1 million and the root cause was a faulty price oracle to calculate the price of Sturdy Finance's cB-stETH-STABLE asset.