Home - DeFi News - Hundred Finance Suffers in Optimism Hack-Here’s What Happened

James Carter

April 21, 2023

Hundred Finance Suffers in Optimism Hack-Here’s What Happened

Multi-chain lending protocol The cryptocurrency exchange known as Hundred Finance has been hacked, resulting in the loss of almost $7 million worth of digital currency.

Hundred Finance Suffers in Optimism Hack

Using Optimism, which is an Ethereum layer-2 blockchain, the attacker gained access to the funds.

In a tweet, the protocol stated, “Once again, we hope the hacker will reach out back to us, and we will be able to find a joint solution to be able to resolve this matter.”

Hundred Finance Suffers in Optimism Hack-Here’s What Happened

The employees of Hundred Finance said in a subsequent statement that they had tweeted that they had “sent a message to the hacker and are in talks with different security teams.”

“Main focus is to establish coms with the hacker and reach an agreement,” according to the protocol.

Researchers are looking at the most recent incident.
Regarding the security breach, the SOP has also disclosed that the “team is preparing a post-mortem” regarding the incident.

“In the meantime, we are compiling any and all information that may be obtained in order to have it at our disposal for potential subsequent actions,” said Hundred Finance.

In the meantime, the protocol made some ideas in another tweet regarding the vulnerabilities that were exploited to carry out the breach. These weaknesses were exploited in order to carry out the hack.

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“If you are a Compound V2 fork and we or our frens are not in contact with you already, please reach out so we can share the information on the hack since it is a general flaw in the code and not specific to Hundred deployments,” stated Hundred Finance.

In response to the most recent event, the risk-based insurance and reinsurance protocol Uno Re for decentralized Finance (DeFi) has reached out to the protocol and offered the team at Hundred Finance its “assistance with tracing the funds and implementing security measures to mitigate potential risks in the future.”

Co-founder Jaskanwar Singh of Uno Re posted on Twitter that an employee of the company “is actively tracing funds” in connection with the hack.

According to Hundred Finance, the platform was introduced on the Kovan testnet of Ethereum in late June of 2021.

Following a testing period that lasted over two months, the protocol was eventually soft-launched on the Ethereum mainnet in preparation for the production of the native HND currency associated with the system.

According to the protocol, “Once the platform and token were successfully launched and operational, the fully-enabled Arbitrum version of the Hundred Finance decentralized application (dApp) was deployed, and the distribution of HND began.”

“A vote-escrow governance token method was successfully implemented by employing contracts developed by Curve Finance in the month of December 2021. This innovation made it easier for members of the community to participate directly in the reduction of HND through”.

According to Hundred Finance, the distribution of the HND token is still happening “as the broadening of the ownership of our governance token and the platform’s usage” are the two primary focuses of the protocol.