Hack: Sturdy lending protocol loses nearly 450 ETH

Sturdy Finance was the victim of a hacking. According to on-chain experts DeFi protocol specialized in crypto loans was made fly several hundreds of ethersrepresenting a loss of more than 700,000 euros.

Last night, Peckshield declared that the decentralized finance protocol Sturdy had been hit by a attack.

The loss from today’s Sturdy hack is approximately 442 ETH. The primary cause is due to the faulty price oracle for calculating the price of the asset cB-stETH-STABLE”, tweeted blockchain cybersecurity company.

Following the message posted by Peakshield, the team behind Sturdy also tweeted on the subject, acknowledging the hack and saying suspend all its markets in order to secure the rest of its assets.

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No action required at this time said the protocol.

BlockSec, another on-chain specialist who confirmed the loss of 442 ethers, went into more detail about the attacker’s modus operandi.

“The root cause is due to the typical Balancer’s read-only reentrancywhile the B-stETH-STABLE price has been manipulated! he said.

Last year, Sturdy closed a financing round of 3.9 million from Pantera, KuCoin, Softbank and other major investors.

This article may be updated as new information becomes available.

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