- A similar flaw was exploited against Hundred Finance in April of last year.
- The team confirmed the stealing and said the team had since patched the security hole.
Onyx Protocol, a DeFi initiative, has suffered a security breach and lost almost $2.1 million worth of Ethereum (ETH) currency due to flash loan exploits. According to the findings, the Onyx protocol exploiter’s wallet address has 1,164 ETH, or almost $2.1 million. In order to steal from the oPEPE market, the thief pretended to donate a little amount at first.
Thanks to this plan, they were able to get a sizable loan from more liquid financial markets. In addition, the lending procedure relied on the given funds as collateral. After that, the attackers then redeemed the borrowed cash and exploited the rounding problem to earn a profit.
Security Hole Patched
A similar flaw was exploited against Hundred Finance in April of last year, resulting in a loss of almost $7 million. The fact that the oPEPE market was recently up and running for 5 days and had no finances made it simple for the thieves to make off with anything they wanted.
To be more specific, before exploiting the oPEPE smart contract on Onyx, the attacker borrowed $4,000 in ETH in a flash loan via the open-source liquidity protocol Aave and converted it.
The Decentralized Finance lost $2.1 million worth of ETH tokens due to the latest in a string of crypto exploits. Alex, leader of the Onyx Protocol Community, confirmed the stealing and said the team had since patched the security hole. In a post on Twitter, Alex acknowledged the issue and promised updates.
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