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Hundred Finance Suffers $7 Million Loss in Optimism Hack – Here’s What Happened

Hundred Finance, a multi-chain lending platform, has been targeted in a cyber attack, leading to a loss of approximately $7 million in cryptocurrency.

The intruder exploited Optimism, a layer-2 Ethereum blockchain, to siphon off the funds.

In a tweet, the protocol expressed its hope, stating, “We once again appeal to the hacker to communicate with us, aiming to collaboratively address this situation.”

Following this, the team behind Hundred Finance indicated that they’ve “initiated contact with the hacker and are collaborating with various security experts.”

The protocol emphasized their primary intent, saying, “Our chief objective is to initiate a dialogue with the hacker and arrive at a mutual understanding.”

Researchers investigate latest attack

Hundred Finance has revealed its intentions to release a “post-mortem” report addressing the recent security breach.

Concurrently, the team mentioned, “We’re consolidating all pertinent data to be at the ready for any subsequent measures,” as articulated by Hundred Finance.

Furthermore, in a separate tweet, the protocol provided insights concerning the exploited vulnerabilities.

“For those operating a Compound V2 fork, if you haven’t already been in touch with us or our associates, we urge you to connect. We aim to share details of the breach as it’s a widespread code flaw, not just limited to our implementation,” Hundred Finance explained.

Responding to the unfolding situation, Uno Re, a decentralized finance (DeFi) entity specializing in risk-based insurance and reinsurance, extended a helping hand to Hundred Finance. They proposed their expertise in “tracking the misappropriated assets and in bolstering security defenses to preclude similar threats in the future.”

Uno Re’s co-founder, Jaskanwar Singh, took to Twitter to mention that a specialist from their team “is actively tracking the movement of funds” linked to the breach.

Hundred Finance chronicled its journey, stating that it initiated on Ethereum’s Kovan testnet in the latter part of June 2021.

Following a meticulous two-month testing phase, the protocol made a soft debut on the Ethereum mainnet, laying the groundwork for the introduction of its native HND token.

The protocol elaborated, “Upon successful setup of both the platform and the token, we rolled out the fully-equipped Arbitrum iteration of the Hundred Finance dApp, marking the commencement of HND distribution.”

In December 2021, the protocol incorporated a vote-escrow governance token system using frameworks designed by Curve Finance. “This incorporation enabled our community to actively partake in the HND token issuance process.”

Hundred Finance emphasized their ongoing commitment, noting that HND token dissemination continues, with the primary aim being “expanding the governance token ownership and amplifying platform engagement.”

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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