Two prominent decentralized finance (DeFi) platforms, Exactly and Harbor, fell victim to separate attacks on August 18, as reported by blockchain security firms DeDotFi and PeckShield.
These breaches, although unrelated, resulted in substantial losses.
Exactly Protocol suffered a breach that led to the theft of 4,323.6 Ether, valued at approximately $7.3 million at the time.
The attackers effectively exploited a vulnerability in the DebtManager periphery contract by submitting a malicious market contract address.
This bypassed security checks and allowed the malicious deposit function to be executed, resulting in the theft of user-deposited assets.
While initial reports indicated a larger sum of over 7,160 ETH (worth nearly $12 million) had been stolen, the protocol later revised the figure downwards.
The stolen funds were subsequently routed through the Across Protocol and Optimism Bridge, transferring 1,490 ETH and 2,832.92 ETH to the Ethereum network.
Harbor, another DeFi protocol, also disclosed an attack on the same day.
This breach targeted its interchain stablecoin protocol, leading to the loss of funds stored in the stable-mint, as well as its stOSMO, LUNA, and WMATIC vaults.
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The exact amount of crypto assets stolen remains unclear. Harbor is actively working to track the flow of funds and ascertain the full extent of the losses incurred.
These incidents are the latest in a series of security breaches that have plagued the DeFi ecosystem in recent weeks.
Notably, on July 30, vulnerabilities in three versions of the Vyper programming language resulted in hackers stealing over $61 million from stablecoin pools on Curve Finance.
Additionally, other protocols such as Earn.Finance suffered losses of at least $287,000 in stolen ETH, while Zunami Protocol faced an exploit that led to $2.1 million in losses.
In response to the breaches, Exactly Protocol has taken measures to mitigate the attack’s impact.
The protocol has filed a police report and has even attempted to communicate with the attackers in a bid to retrieve the stolen assets.
Harbor, on the other hand, is concentrating its efforts on locating the stolen funds and calculating the total losses.
The recent surge in security incidents emphasizes the vulnerability of DeFi platforms to exploitation.
As the DeFi landscape continues to evolve, it remains crucial for these platforms to continuously enhance their security measures to safeguard user assets and maintain investor trust.
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