• Mon. Mar 4th, 2024

zkSync’s $3.4M Hack: Major Breach

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ByMarcel Bich

Aug 31, 2023
zkSync's $3.4M Hack: Major Breach
Marcel Bich
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A “read-only re-entry” vulnerability in SyncSwap DEX allowed an attacker to manipulate prices and steal assets. The EraLend hacker exploited a smart contract flaw related to token minting and burning, affecting lending and borrowing in the protocol.

EraLend‘s total capital decreased drastically by over threefold, plummeting from $18.5 million to $6.96 million, as confirmed by DefiLlama after the hacker’s attack.

EraLend acknowledges the security issue and assures users that the threat has been eliminated.

The platform temporarily suspends borrowing transactions and advises against depositing USDC, working with partners and cybersecurity firms to resolve the situation.

Conic Finance Hack: What Happened?

Several other protocols, including AnubisDAO, Rodeo Finance, ArcadiaFi, and Conic Finance, have also been targeted by “read-only re-entry” attacks this month.

Conic Finance’s DeFi protocol lost 1,700 Ether (ETH), equivalent to over $3.6 million, due to an attack on one of its omnipools.

EraLend and Not Only: Total Losses & Laundered Funds

Cyberattacks, phishing schemes, and rug pool attacks caused total losses of $655.61 million in the first half of the year. The attackers engaged in 108 protocol assaults, 110 rug pool attacks, and numerous phishing schemes, stealing $471.43 million, $75.87 million, and $108 million, respectively.

Hackers laundered approximately $244.5 million in digital currency during the same period. Harmony Bridge facilitated the largest amount laundered (around $100 million), followed by Atomic Wallet’s $65 million, and Uranium Finance’s $12.8 million loss in cryptocurrencies.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.