Hacker Steals $6.9 Million From Arbitrum-Based Defi Protocol Lodestar Finance

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Hacker Steals $6.9 Million From Arbitrum-Based Defi Protocol Lodestar Finance

Arbitrum-based lending platform Lodestar Finance was exploited on Dec. 10, 2022, according to a tweet from the project’s Twitter account on Saturday. Community reports detail that Lodestar lost roughly $6.9 million from the vulnerability.

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Lodestar Finance Loses $6.9 Million in an Exploit, TVL Drained, LODE Drops by 53%

Another decentralized finance (defi) platforma, Lodestar Finance was hacked for $6.9 milijonov in an exploit, a number of poročila detail. “[The] protocol was exploited and deposits have been drained,” Lodestar’s official Twitter account said. “We have set all interest rates to 0 so that supply and borrow balances are not moving while we weigh recovery options.”

Lodestar says the hacker “manipulated the exchange rate of the plvGLP contract” and then “supplied plvGLP collateral to Lodestar and borrowed all available liquidity.” This allowed the exploiter to cash out “what they could.” However, a “collateralization ratio mechanism prevented them from fully cashing out the plvGLP,” the team noted on Saturday.

Via the team Discord channel, Lodestar team members explained that they had paused borrowing and liquidation activity. Data from defillama.com indicates that the total value locked (TVL) in Lodestar was drained from close to $7 million down to a mere $11.06. The project’s native cryptocurrency lodestar (LODE) has dropped 53% in value against the U.S. dollar in the last 24 ure.

LODE recently tapped an all-time high at $0.718 na enoto, 18 days ago on Nov. 23, 2022. LODE’s value is now down 76.1% from that value and has seen a 24-hour price range of around $0.13 do $0.369 na enoto. At press time, LODE is exchanging hands for $0.173 na kovanec.

Oznake v tej zgodbi
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What do you think about the Lodestar Finance hack on Saturday? Sporočite nam, kaj mislite o tej temi v spodnjem oddelku za komentarje.

Jamie Redman

Jamie Redman je vodja novic pri Bitcoin-Tidings.com News in finančni novinar, ki živi na Floridi. Redman je od takrat aktiven član skupnosti kriptovalut 2011. Ima strast do bitcoinov, odprtokodna koda, in decentralizirane aplikacije. Od septembra 2015, Redman je napisal več kot 6,000 članki za Bitcoin-Tidings.com Novice o motečih protokolih, ki se pojavljajo danes.




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