Decentralized lending protocol Ola Finance was exploited for over $4.67 million in a “re-entrancy” attack on Thursday, according to aOla operates a decentralized finance protocol across several blockchains, and Thursday’s attack targeted its deployment on the. DeFi refers to the use of smart contracts instead of third parties for financial services such as lending and borrowing.
The attack occurred via a re-entrancy vulnerability in the ERC677 token standard. Reentrancy is a common bug that allows attackers to trick a smart contract by making repeated calls to a protocol in order to steal assets. A call is an authorization for the smart contract address to interact with a user’s wallet address.Voltage Finance
Attackers were able to trick Voltage’s smart contracts by transferring wrapped assets – generating using flash loans, a form of uncollateralized lending – and calling the smart contract into transferring funds from Voltage to the hacker’s addresses.
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Ola Finance, Voltage Finance Hacked for $4 Million: DetailsFuse-based decentralized finance (DeFi) protocol is drained through its 'Lending-as-a-Service' provider Ola Finance voltfinance peckshield wanchain
Source: Utoday_en - 🏆 295. / 63 Read more »