Stablecoin DEX Saddle Finance hacked for $10 million
April 30, 2022, 7:44AM EDT
1 min read
Saddle Finance, a decentralized exchange for trading stablecoins, was hacked in a DeFi exploit today.
The unknown hacker carried out the exploit at 07:40 AM UTC and netted over $10 million in ether cryptocurrency, according to on-chain data.
Saddle Finance confirmed the incident, saying its team was investigating a "possible exploit."
A smart contract audit firm called BlockSec was the first to notify Saddle. Interestingly, BlockSec was able to rescue $3.8 million from the exploiters with an "internal system" that can detect and front-run hacking incidents using off-chain arbitrage bots called flashbots, it told The Block in a Twitter message.
"The project was taken for around 4,900 ether ($13.8 million). Among them, 1,360 ether ($3.8 million) was rescued by us," BlockSec said.
Still, the hacker made off with more than $10 million in ETH from Saddle’s liquidity pools. Saddle Finance said it was in the process of recovering the $3.8 million from BlockSec.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.