Major Ethereum DeFi Protocol Hope Lend Stripped of Assets in Significant Hack
Summary:
The DeFi protocol Hope Lend built on Ethereum has suffered a massive hack, leaving it virtually devoid of assets. Blockchain security agencies report that two individuals stole 526 Ether, valued at $825,357 at the time. However, Hope.money, the developer, suggests a single hacker took the assets and provided a bribe to a validator managed by Lido Finance. The platform reassured users that it is committed to their rights and fund protection. On-chain investigator Spreek suspects the cyber attack is linked to an issue with WBTC [wrapped Bitcoin] decimals and rounding.
On Oct. 18, the decentralized finance (DeFi) protocol called Hope Lend on Ethereum suffered a massive hack, depleting its assets almost completely. Blockchain security agencies report that a pair of perpetrators, an opportunistic frontrunner who came across the exploitation first, and the initial hacker, jointly pilfered 526 Ether (ETH), equivalent to $825,357 at the moment. CertiK noted that the successful rogue bagged 264 ETH and extended a 263 ETH incentive to an ETH validator. However, the DeFi protocol's developer, Hope.money, offers a contrasting narrative, stating that only one hacker was involved who absconded with users' funds amounting to 526 Ether. A bribe of 263.91 was purportedly given to a validator controlled by Lido Finance, leaving the hacker with a net profit of 264.08 ETH. Hope.money reassured that all its protocols located on http://Hope.money operate individually and will not affect other live offerings on the platform, including HopeCard, HopeSwap, and $HOPE. They further vowed to uphold the safety of the afflicted users' funds and rights. Just two days before the incident, DeFiLlama, the DeFi aggregator, declared its intention to monitor Hope Lend's smart contracts for data refinement. At present, there seem to be no significant assets remaining within Hope Lend's protocol. While the developers did not elaborate on the cause of the catastrophe, Spreek, an on-chain investigator, suggested the hack might have links to WBTC [wrapped Bitcoin] decimals and rounding, a situation akin to the recent Wise Lending hack. Following the cyber attack on Oct. 18, 2023, at 11:48:59 AM +UTC, HopeLend's system drained by approximately 528 ETH, and the attacker offered 263.91 ETH in bribery to the frontrunner. Notably, the attacker did not reap any profits from this assault, according to Hope.money.
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Published At
10/18/2023 7:22:38 PM
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