An Optimism-based (OP) decentralized credit market protocol has been hacked for millions of dollars worth of Ethereum (ETH).
According to the security department of web3 protocol De.Fi, there are bad actors stolen approximately $7.2 million worth of the leading smart contract platform by leveraging Exactly (EXA), an open-source credit market project.
“After a thorough review of the Exactly protocol hack, we have concluded that the total amount stolen to date is ~$7.2 million (4,323.6 ETH). In the end, they bridged ~1,490 ETH, using Across Protocol, and 2,832.92 ETH to Ethereum via Optimism Bridge.”
According to Exact, the protocol has been temporary interrupted while the matter is being investigated, investors will still be able to withdraw funds.
“We are actively investigating a security issue within our protocol. To ensure user safety, the protocol is temporarily suspended (you can still withdraw assets). Our team is on top of this and will share more details as soon as possible.”
Blockchain security company Beosin explains how the hacker found a way bypass the security measures of the protocol.
“The root cause of the Exactly Protocol exploit: the market address in the DebtManager contract can be manipulated. The attacker passed a malicious market contract address, bypassed the license check and executed a malicious deposit function to steal the USDC deposited by users. Finally liquidated users’ assets to make a profit.
News of the hack impacted EXA’s price as the altcoin fell sharply in the past 24 hours. EXA is trading at $4.28 at the time of writing, down 32% on its last day.
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Image generated: Midway through the journey