DeFi protocol Hundred Finance has become the latest victim of a hack that cost the platform $7 million. The hacker manipulated the protocol's price and stole funds by donating 200 WBTC to inflate the exchange rate for hWBTC. The attack follows a similar incident in 2022, which saw Hundred Finance and Agave lose $11 million in a reentrancy attack on Gnosis Chain. This latest hack highlights the risks associated with DeFi and contributes to the growing tally of losses from hacks in 2023. DeFi protocols like Allbridge, Sentiment, and Yearn Finance have been exploited in recent weeks, resulting in more than $20 million in losses, according to DeFillama data.

Takeaways:

  • DeFi protocol Hundred Finance has been hacked for $7 million through the manipulation of its price.

  • The platform is working with various security teams to resolve the issue and has urged anyone with information to come forward.

  • This is not the first time Hundred Finance has been hacked, following a reentrancy attack in 2022 that saw the platform and Agave lose $11 million.

  • The incident highlights the risks associated with DeFi and contributes to the growing tally of losses from hacks in 2023.

  • Other DeFi protocols have also been exploited in recent weeks, resulting in more than $20 million in losses.

Conclusion:

DeFi protocols continue to be a target for hackers, with Hundred Finance the latest victim of a multi-million dollar hack. The incident serves as a reminder of the risks associated with DeFi and the importance of robust security measures. As the DeFi sector continues to grow, it is crucial that protocols prioritize security and work with experts to identify and address vulnerabilities.

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