Tornado Cash

Read

Tornado

Sturdy

<p class="is-style-lead">Decentralized lending platform Sturdy Finance has suffered a major security breach resulting in the loss of approximately $800,000 worth of ether (<a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/">ETH</a>).</p>



<p>The <a href="https://etherscan.io/tx/0xeb87ebc0a18aca7d2a9ffcabf61aa69c9e8d3c6efade9e2303f8857717fb9eb7" target="_blank" rel="noopener">attack</a>, executed by an unidentified individual, exploited a reentrancy vulnerability within the system, ultimately manipulating a faulty price oracle and siphoning funds.</p>



<p>The incident sheds light on the vulnerabilities inherent in decentralized finance (DeFi) applications, where price oracles serve as crucial components for providing real-world price data. However, they can also become prime <a href="https://crypto.news/hacked-defi-platform-euler-finance-releases-funds-redemption-details/">targets for hackers</a> aiming to exploit weaknesses and compromise platform security.</p>



<h2 class="wp-block-heading" id="sturdy-finance-hit-by-security-breach">Sturdy Finance hit by security breach</h2>



<p>A detailed analysis <a href="https://twitter.com/BlockSecTeam/status/1668084629654638592" target="_blank" rel="noopener">conducted </a>by cybersecurity firm BlockSec traced the root cause of the breach to a reentrancy vulnerability present in Balancer&#8217;s system, combined with the manipulation of B-stETH-STABLE price data.</p>



<p>The attacker seized the opportunity to repeatedly call a function within a single transaction before completing the initial function call. Exploiting this loophole, they managed to withdraw more funds than they were legitimately entitled to. Once in control of the function calls, the attacker successfully manipulated the price oracle, effectively draining funds from Sturdy Finance.</p>




    <p>
        You might also like:

        <a href="https://crypto.news/atomic-wallet-hacked-users-lose-millions-in-crypto/">
            Atomic Wallet hacked, users lose millions in crypto        </a>
    </p>




<p>Responding swiftly to the breach, Sturdy Finance immediately suspended all of its markets to prevent further potential losses. The platform&#8217;s team reassured users that no additional funds were at risk and that no immediate action was required on their part.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">We are aware of the reported exploit of the Sturdy protocol. All markets have been paused; no additional funds are at risk and no user actions are required at this time.<br><br>We will be sharing more information as soon as we have it.</p>&mdash; Sturdy 🧱 (@SturdyFinance) <a href="https://twitter.com/SturdyFinance/status/1668080627030315009?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 12, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Further investigation revealed that the attacker employed the Tornado Cash mixer to obscure their activities. This privacy-enhancing tool added layer of complexity, making it challenging to trace the attacker&#8217;s transactions on the blockchain.</p>



<p>The security breach is a stark reminder of the constant threats DeFi platforms face. On June 4, Crypto wallet provider Atomic Wallet experienced a significant hack resulting in the theft of approximately <a href="https://crypto.news/atomic-wallet-hacked-users-lose-millions-in-crypto/">$35 million</a> worth of cryptocurrencies such as bitcoin, ether, tether, dogecoin, litecoin, BNB coin, and polygon.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="How Hackers Exploit DeFi Protocol and Make Money" width="1020" height="574" src="https://www.youtube.com/embed/GT84C_rAhtc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>As the crypto industry continues to evolve, it becomes increasingly vital for protocols to prioritize security measures and undertake comprehensive audits to identify and address vulnerabilities before malicious actors exploit them.</p>




    <p>
        Read more:

        <a href="https://crypto.news/web3-hacks-declined-in-may-despite-a-19-7m-loss/">
            Web3 hacks declined in May despite a $19.7m loss        </a>
    </p>

DeFi protocol Sturdy Finance falls victim to $800k security attack

Indice dei contenuti

crypto.news

Altri articoli pubblicati su 12 giu 2023

Binance Coin (BNB) Dumps to 6-Month Low, Bitcoin (BTC) Fails at $26K (Market Watch)

Rapid Increase in Open Interest for Binance’s BNB Amid Price Drop: Crypto Analyst Warns of Chain ...

Coinbase: Standing Firm in the Face of Regulatory Pressure

What Happened in the Cryptocurrency Market in May 2023?

XRP Surges With Promising Investment Inflows Amid Crypto Market Downturn

XRP Community Gets Ready for Likely Reveal in Ripple Lawsuit

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!