|-DeFi protocol Alpha Homora loses $37 million in Iron Bank exploit.|
-However, the Protocol had been monitored by Quantstamp and Peckshield.
-It’s unclear how it is possible to recover the funds from their prime suspect.
One of the largest DeFi protocols Alpha Homora lost over $37 million worth of funds leveraging Cream’s Iron Bank.
Alpha Homora loses $37M following Iron Bank exploit
Decentralized Finance (DeFi) space has become quite popular among cryptocurrency investors. Moreover, the market for DeFi has increased. Hence drawn the attention of bad actors looking to get away with funds.
Moreover, the recent attack is probably one of the largest with $37 million worth of funds. More so, lost from Alpha Homora by leveraging Cream’s Iron Bank protocol-to-protocol lending platform.
According to Alpha Finance Lab, they were aware of an attack. Even more, the team explained that they also have a prime suspect. All of this, the Protocol had been monitored by Quantstamp and Peckshield.
Attackers used Alpha Homora to execute borrowing and lending transactions continuously. With Iron Bank, which allowed for leveraged lending. According to some experts, the exploit was the result of a faked smart contract.
After the successful exploit, the hacker “tipped” the Alpha and Iron Bank deployers 1,000 Ether each, and also made a Gitcoin donation.
Meanwhile, Cream Finance, the protocol that allows the exploit, notified its community on Twitter. That the Iron Bank Exploit hasn’t impacted any of its smart contracts, and all their markets were functioning normally.
It’s unclear how it is possible to recover the funds from their prime suspect.