Saddle Finance Becomes the Latest Victim of $10 Million Hack

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Evening

Hackers have maintained their assaults on crypto world, so far this year. Yesterday as we were talking about Rari Capital $80 million hack another defi protocol got exploited. Saddle Finance, a decentralized exchange for trading stable coins suffered a $10 million hack.

According to report by blockchain security firm PeckShield, the hack happened in a bunch to transactions with hacker managing to use wrong MetaSwapUtils lib function to calculate the swap. This allowed hacker to get away with 3932.76 ETH in the end.

900 ETH were already sent to coin mixing tool Tornado Cash in a bid to obfuscate the movement of funds, where as 900 ETh are still laying in hacker's wallet.

Interesting, Saddle Finance would have lost more funds if smart contract auditing and blockchain security firm, BlockSec had not noticed the exploit and intervened. After noticing the exploit BlockSec used their flash bots to front run the hacker and managed to recover $3.8 million of the stolen funds. BlockSec has already notified Saddle Finance on twitter to return the rescued funds.

Saddle Finance has acknowledged the incident on twitter with single asset withdrawals on pause pending full investigation and debugging. Saddle Finance also confirmed that they are in touch with BlockSec to recover the rescued funds.

The prevalence of crypto stealing have started be become a great concern for the whole industry. Since the start of this year, hackers/exploiters have employed multiple malicious schemes to steal millions from various crypto platforms or individuals. With ever increasing security measures continue being employed, perpetrators seems to be always managing to find a loop hole to carryout their malicious schemes.

Apart from the monitory value lost due to these exploits, the extend of damage done to the progress to crypto industry by these incident still remains inconceivable.

Stay Safu!