• Thu. Jul 18th, 2024

Exactly Protocol Offers $700K Bounty for Information on $7.2 Million Theft

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ByMarcel Bich

Sep 16, 2023
Exactly Protocol Offers $700K Bounty for Information on $7.2 Million Theft
Marcel Bich
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In an aggressive bid to track down the attacker behind a major breach, Exactly Protocol, a prominent Decentralized Finance (DeFi) platform under the Optimism network, has publicized a bounty of $700,000. This reward aims to enlist the wider community’s help in uncovering the cybercriminal who pilfered a whopping $7.2 million from their coffers.

The announcement conveyed that if they don’t receive any communication from the perpetrator within the next day, they would proceed with this hefty reward offering. “We are hopeful that this monetary incentive will rally the community to support the cause and possibly help shed light on the attacker’s identity,” the statement read.

Delving into the Hack

A week prior, Exactly Protocol became the target of a nefarious hack, wherein the attacker made away with an astounding 4,300 Ether (ETH), equivalent to roughly $7.2 million. Investigations found that a loophole in the smart contracts of Exactly Protocol was manipulated. This allowed the attacker to target their DebtManager contract, utilizing the address of a rogue marketplace contract. By exploiting this vulnerability, they managed to bypass necessary security checks and successfully exfiltrate the funds.

Following the massive security breach, Exactly Protocol’s assets, which once stood at a commendable $36 million, plunged, now barely touching $9.62 million. The team hasn’t been silent on the matter, having already filed an official police report and attempting to initiate dialogue with the attackers in hopes of asset recovery.

The Shadow of Hundred Finance

It’s noteworthy to mention that Exactly Protocol isn’t the only victim on the Optimism’s L2 network. Just a short while ago, the DeFi platform Hundred Finance fell prey to a devious attack that saw them part ways with $7 million. Peckshield analysts have divulged that the hacker manipulated the price of hWBTC, positioning themselves advantageously and subsequently draining credit pools with a mere 2 Wei. Certik, a renowned blockchain security entity, has corroborated Peckshield’s analysis, putting the damage estimates at approximately $7.4 million.

With such substantial amounts at stake, the crypto community is on high alert, watching with bated breath to see how these recent events unfold.

 
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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.