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Crypto Lender Exactly Hit by $12M Bridge Exploit
The protocol becomes the latest in a long line of firms to be struck by a hack involving a cross-chain bridge.
Aug 18, 2023, 11:41 a.m. 1 min read
Exactly Protocol, a decentralized credit market on the Optimism network, has been targeted by a bridge exploit worth as much as $12 million.
The hacker used an exploiter contract on Ethereum that transferred deposits to Optimism before ultimately bridging stolen funds back to Ethereum, blockchain security firm De.Fi said in a tweet.
It is estimated that 7,160 ether (ETH) has been lost equating to $12.04 million at current prices.
The protocol's native governance token (EXA) slumped by more than 12% following the exploit as it currently trades at $5.51, per CoinMarketCap.
The hack coincides with a significant downturn across the wider cryptocurrency market, with several assets including XRP, LTC and BCH leading double-digit declines as roughly $1 billion in positions were liquidated in a a 24-hour period.
Cross-chain bridges have become a common attack vector for hackers due to the relatively novel technology. Last year it was estimated that over $2 billion was lost to bridge hacks, according to Chainalysis.
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FalconX has hired Cantor and other bankers to advise on a potential IPO and confidentially filed draft paperwork with the SEC, though the listing is not expected until later this year amid volatile market conditions.
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- FalconX has confidentially filed a draft S-1 with the SEC and hired Cantor to advise on a potential IPO, according to a source.
- The crypto prime broker, last valued at $8 billion in 2022, serves institutional clients including hedge funds, asset managers and market makers.
- Cooling investor sentiment, weaker trading...
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