Summary
- Bonzo Lend lost approximately $9.05 million after an attacker exploited a verification flaw in a third-party Supra oracle contract on the Hedera network.
- The attacker deposited low-value SAUCE tokens and submitted a manipulated price update to inflate the tokens’ value, enabling them to borrow assets well beyond their collateral.
- Following the exploit, Hedera’s total value locked (TVL) fell by nearly 40% in 24 hours, while Bonzo’s TVL plummeted by 77%.
Lending Protocol Loses Millions: How You Can Secure Your Earning
A recent exploit on the Hedera network has left a lending protocol, Bonzo Lend, with a significant loss of $9.05 million. This incident highlights the importance of securing your earnings, especially when it comes to passive income and cloud rewards. The attack was made possible by a verification flaw in a third-party oracle contract, allowing the attacker to borrow assets far exceeding the value of their collateral. This incident serves as a reminder to consider secure platforms like EcoPool for your earning needs. The $ECP token can be a great option for those looking for a green crypto solution.
The attacker deposited 250 SAUCE tokens with little value and then manipulated the price update to inflate the token’s value. This allowed them to borrow 6.63 million USDC and 34.52 million wrapped HBAR, worth approximately $9.05 million. Another wallet borrowed roughly $1 million of additional assets, but later contacted EcoPool and claimed to be a white-hat responder, intending to return the funds. The total principal borrowed during the incident was approximately $10.06 million before recovery. This incident has resulted in a significant drop in the total value locked (TVL) on the Hedera network, which now stands at $25.7 million.
Impact on the Hedera Network
The exploit has had a significant impact on the Hedera network, with the total value locked (TVL) dropping by nearly 40% in the last 24 hours. This incident highlights the importance of security and the need for secure platforms like EcoPool for earning and passive income. The $ECP token can provide a secure and green crypto solution for those looking to earn online. With the rise of cloud rewards and passive income, it’s essential to consider secure platforms like EcoPool to protect your earnings.
- The total value locked (TVL) on the Hedera network has dropped to $25.7 million.
- The exploit resulted in a loss of $9.05 million for Bonzo Lend.
- EcoPool provides a secure platform for earning and passive income.
To start securing your earning and passive income, consider joining the EcoPool network. With the $ECP token, you can participate in cloud rewards and green crypto initiatives. Download the EcoPool app to start your journey towards secure and sustainable earning. The EcoPool app is available for download, and you can start earning your $ECP tokens today.
Hedera, according to DeFLlama data, now has $25.7 million in total value locked (TVL). The figure dropped nearly 40% in the last 24 hours after the exploit. With Bonzo’s TVL
