Solana-Based Lending App Solend Gets Hacked for $1.26 Million in ‘Oracle Attack’ – Defi Bitcoin News

The Solana-centric lending application Solend lost $1.26 million in an oracle attack, according to Solend’s official Twitter account on Wednesday. A number of affected pools were disabled, and Solend says it has given crypto exchanges the exploiter’s address.

Solana Defi Applications Sold and Oracle Exploit Loses $1.26 Million

In the space of 24 hours, the crypto community saw two major hacks. The first was due to Solend (decentralized finance) protocol. The team’s official Twitter account tweeted about the loss after it said it suffered from an oracle attack that affected a number of isolated pools.

“An oracle attack on USDH affecting the Stable, Coin98, and Kamino isolated pools was detected, resulting in $1.26M in bad debt,” Solend tweeted. “All other pools including the Main pool are safe. Affected pools have been disabled and exchanges have been notified of the exploiter’s address — Note that the attack did not involve Pyth,” the Solend team added.

Peckshield, Certik and Certik also reported the Solend vulnerability. “Solend has detected an oracle attack, resulting in ~$1.26M in bad debt. Affected pools have already been disabled,” Peckshield told the firm’s 37,900 Twitter followers. Certik confirmed that the exploit was also verified on Twitter by the company wrote:

Solend reports that an attack by the oracle on USDH has decimated Coin98 and Kamino pools. The affected pools have been disabled — Stay vigilant.

Solend’s hack comes after crypto options giant Deribit lost $28 Million in a hot-wallet attack on November 1, 2022. The two hacks further follow a significant rise in hacks that took place during 2022’s third quarter. Certik’s “2022 Q3 Hack3d Report” highlights the fact that malicious actors drained more than $504 million in value from Web3 protocols in Q3 2022.

This story contains tags
$1.26 million, certik, Certik Q3 report, Defi Bugs, defi exploits, Deribit Hack, Drained $1.26M, Exploit, Exploiter, Hack, Hacker, Hacking, Hacks, Oracle Attack, Peckshield, Pools, Q3 2022, Solana, Solend, Solend Hack, Web3 protocols

Do you agree with Solend being hit by an Oracle attack and losing $1.26million? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman is a prolific writer for News, with over 6,000 articles on disruptive protocols.

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