Hack: over 4,000 Ethereum (ETH) stolen from Exactly Protocol

Exactlya protocol on Optimism which offers a autonomous interest rate markethas just undergone attack. More 4000 ethers were stolen.

On Friday, August 18, as the crypto market devalued sharply, some hackers have managed to steal several thousandethers on the decentralized finance protocol Exactly Protocol.

Startups specializing in blockchain security have reported the hack on X late this morning. The principal concerned also reported on the situation.

We are actively investigating a security issue within our protocol. To ensure user safety, the protocol is temporarily suspended (you can still remove assets). Our team is aware of this and will share more details as soon as possible.” tweeted Exactly Protocol.

Launched on Ethereum in late 2022, then Optimism in spring 2023, Exactly is a non-depository, open source DeFi protocol offering a marketplace that allows users to deposit and borrow assets at fixed and variable interest rates.

Exactly’s TVL collapses following the hackdropping from $39 million to $14 million, according to data from Defillama. The project’s native token has seen its price fall by almost 20%, at the time of publishing this article.

The next day, the protocol declared that the peripheral contract DebtManager had been manipulated. “The attacker transmitted a malicious market contract address, bypassing license verification, and executed a malicious deposit function to steal assets deposited by users. Approximately 7.3 million dollars were stolen,” explained Exactly.

On Sunday, the protocol was relaunched. “As we announced, users can carry out all operations and no liquidation has taken place”, announced. Exactly.

Article updated on 08/21/2023 at 07:21: a previous version of this article included a erroneous report of a cybersecurity startup mentioning a theft amounting to 7000 ETH and not 4000.

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