OP

Over $7 Million Drained from Exactly Protocol on Optimism Layer 2 Network

by BSC News

August 18, 2023

chain

While the hack details are yet to be disclosed, the protocol's TVL has plummeted to $26 million.

SUMMARY

  • Exactly Protocol has been hacked for 4300 ETH ($7.3 million).
  • The exact details of the exploit are still unknown.
  • The hack led to a sharp decline in the protocol's Total Value Locked (TVL).

Layer 2 Optimistic Rollup network Optimism has witnessed another security breach as Exactly Protocol, a DeFi platform offering interest rate markets, fell victim to an attack.ย 

Security firms such as Hacken and BlockSec uncovered the exploit, resulting in a staggering loss of approximately 4300 ether, equivalent to $7.3 million.

The hack leveraged a vulnerability in Exactly Protocol's smart contract, leading to significant losses.ย 

While specific details of the exploit are yet to be known, the incident led to a sharp decline in the protocol's Total Value Locked (TVL). Initially holding over $36 million, the TVL plummeted to under $26 million, according to data from DeFi Llama.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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