Home>BLOCKCHAIN>Onyx Protocol exploiter begins siphoning $2.1M loot on Twister Money
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Onyx Protocol exploiter begins siphoning $2.1M loot on Twister Money

01 Nov 2023
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Decentralized peer-to-peer lending protocol Onyx Protocol misplaced roughly $2.1 million in an exploit of a market with no liquidity that was deployed on Oct. 27. 

The Onyx Protocol hacker exploited a identified bug, a rounding difficulty behind the favored CompoundV2 fork, defined blockchain investigator PeckShield quickly after alerting concerning the hack that went unnoticed by the protocol.

The alleged liquidity missing oPEPE market was “abused with donation to borrow funds from different markets with liquidity,” discovered PeckShield’s unbiased investigation on the matter.

“The donated funds have been then redeemed by exploiting the identified rounding difficulty.”

Beforehand, on April 16, an attacker exploited the same bug to steal $7 million from multichain lending protocol Hundred Finance.

In Hundred’s case, the attacker manipulated the alternate charge between ERC-20 tokens and hTOKENS, permitting them to withdraw extra tokens than initially deposited, in accordance with Certik.

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Constant hack makes an attempt from unhealthy actors require larger understanding the artwork of monitoring cryptocurrencies.

A current Cointelegraph Research article particulars the varied strategies that can be utilized to fortify crypto security with blockchain analysis. As defined, monitoring stolen crypto utilizing blockchain evaluation broadly entails six main steps — transaction tracing, handle clustering, behavioral evaluation, sample recognition, regulatory vigilance and collaboration.

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