Published: 01.04.2022
Article reading time:
1 minute.
Hackers used a vulnerability in the smart contract of the Ola Finance DeFi protocol, which allows access to assets by calling the function multiple times, and withdrew $3.6 million worth of crypto assets.
How informs blockchain and cryptocurrency security firm PeckShield, the hackers used their own funds as collateral for the initial loan. Then, thanks to a vulnerability in the smart contract, they were able to withdraw their funds from the loan collateral. By repeating this action several times, the hackers received an unsecured loan of $3.6 million.
The funds were received on the Fuse network. After the hack was carried out, the hackers transferred assets to other blockchains – BNB Chain and Ethereum – through the official Fuse Network gateway. At the same time, $3 million worth of assets were transferred to the Ethereum network, and $637,000 to the BNB Chain. Ola Finance developers continue to investigate the incident and promise to publish a detailed review of the hack. Ola Finance services outside of the Fuse Network have remained intact and continue to operate.
Hackers used similar vulnerabilities when hacking protocols in the Gnosis Chain network – Hundred Finance and Agave. Previously, hackers were able to gain access to assets based on the Ronin sidechain. During the attack, the attackers managed to crack the private keys and steal 173,600 ETH and 25.5 million USDC.
Source: Bits
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