Multi-chain lending protocol Hundred Finance has fallen victim to a hacking attack that enabled the theft of nearly $7 million worth of crypto. The attacker accessed the funds through Optimism, the Ethereum layer-2 blockchain.
“Once again we hope that the hacker will reach back to us and we will be able to find a joint solution to resolve this matter,” the protocol said. do,
In a later statement, Hundred Finance employees tweeted that they “messaged the hacker and are in talks with various security teams.”
According to the protocol, “the main focus is to establish comms with the hacker, to reach an agreement.”
Protocol has also announced that its “team is preparing for the post-mortem” regarding the breach.
“In parallel we are gathering all available information to facilitate possible further steps,” Hundred Finance said.
Meanwhile, in another tweet, the protocol gave some suggestions regarding the vulnerabilities that were used to carry out the hack.
“If you are a Compound V2 fork and we or our frens haven’t already been in touch with you, please get in touch so we can share information on the hack as this is a general flaw in the code and not specific to Hundred deployments According to Hundred for Finance.
In response to the latest developments, decentralized finance (DeFi) the risk-based insurance and reinsurance protocol has reached the Uno Re protocol, Offering The team at Hundred Finance “assists in locating funds and implementing safeguards to mitigate potential risks in the future”.
Jaskanwar Singh, Co-founder of Uno Ray, Tweeted A member of the company’s team is “actively tracing funds” in relation to the attack.
Hundred Finance says it will launch in late June of 2021 on Ethereum’s Coven testnet. After a two-month testing period, the protocol was later soft-launched on the Ethereum mainnet in anticipation of the generation of the protocol’s native HND token.
According to the protocol, “With the platform and token up and running, the fully enabled Arbitrum version of the Hundred Finance DApp has been deployed and distribution of HND has begun.” “In December of 2021, a vote-escrow governance token mechanism was implemented using contracts developed by Curve Finance. This addition facilitated direct community participation in the emission of HND”.
Hundred Finance says distribution of the HND token is continuing “as the expansion of our governance token ownership and use of the platform” is a focus of the protocol.
