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HomeFinance NewsHacker Capitalizes on Positive-Thinking Decentralized Credit Market, Acquires Ethereum (ETH) Valued at...

Hacker Capitalizes on Positive-Thinking Decentralized Credit Market, Acquires Ethereum (ETH) Valued at $7,200,000

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An Optimism-based decentralized credit market protocol, Exactly, has been hacked, resulting in the theft of approximately $7.2 million worth of Ethereum (ETH). The exploit was carried out by bad actors who took advantage of the open-source credit market project. The stolen amount includes approximately 4,323.6 ETH, with 1,490 ETH being bridged to Across Protocol and 2,832.92 ETH being transferred to Ethereum via the Optimism Bridge. Exactly has temporarily paused its protocol to investigate the issue, but investors are still able to withdraw their funds.

The security breach in Exactly’s protocol occurred because the market address in the DebtManager contract was manipulated by the hacker. By providing a malicious market contract address, the attacker bypassed the permit check and executed a malicious deposit function to steal the USDC deposited by users. The hacker then liquidated the users’ assets for profit. News of the hack had a significant impact on the price of EXA, the altcoin associated with Exactly, causing it to decrease by 32% in the last 24 hours.

Disclaimer: The opinions expressed in this article are not investment advice, and investors are encouraged to conduct their own research before making any high-risk investments in cryptocurrencies or digital assets. The Daily Hodl does not endorse buying or selling cryptocurrencies and is not an investment advisor.

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