DeFi Lender Exactly Protocol Suffers $12M Exploit

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Nwani Mishael
Last Updated August 19, 2023 @ 14:36

The crypto community has recently been rocked with yet another security breach as the decentralized lending platform and credit market Exactly protocol, built on the Ethereum layer-2 network Optimism, suffered losses estimated to be worth about $12 million. Evidence by on-chain data and also from some blockchain security firms reveal that a cross-chain bridge exploit was used by the intruders to facilitate illegal acquisition of funds from the platform’s smart contracts.

It took about an hour for the thief to siphon over $7 million worth of ETH and some USDC, and the bulk of the stolen funds have since been transferred to a cross-chain bridge Across protocol with the looter’s wallet currently reflecting the estimated $12 million markup. The immediate fall of Exactly’s compiled Total Value Locked (TVL) in DeFiLlama’s records from $35.8 million down to $11.74 confirms the depletion of wealth and agreed the presence of an exodus.

The EXA, the new native cryptocurrency of the platform, also experienced a deep plunge of 28.7% dragging the current trading rate to $4.6. Armed with encryption and security protocols to defend against unsuspecting exploits, indigenous crypto assets, like Virtpay (VRP), stands a better chance at dodging unpredictable losses, should threats arise.

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Robert Wilson author
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