Voltage Finance, a leading DeFi altcoin project, suffered a reentry attack that led to the theft of $4 million in stablecoins and cryptocurrencies. Details of the hack attack on altcoin continue in our news…
The balance sheet of the hack attack on the DeFi altcoin project is large
The hack attack on another DeFi altcoin project caused the victimization of millions of people. Voltage Finance announced the attack on Twitter on March 31. According to the project’s announcement, a detected breach on the credit platform led to the theft of $4 million. Various stablecoins, including USDCoin (USDC) and Binance USD (BUSD), and Wrapped Bitcoin and Ethereum tokens (WBTC and WETH) were also stolen in the attack. Fuse Dollar (FUSD) and its non-stablecoin counterpart FUSE were also stolen.
DeFi altcoin project has assured users that all funds in their custody are safe, including staked tokens in liquidity pools. The company also added that its contracts are subject to various audits. While the attacker’s address was marked on Etherscan, Voltage urged CEX and Circle exchanges to block transactions made from this address. Voltage is now trying to contact the attacker and negotiate a reward for the return of the funds. The crypto platform added that it is working with its lending-as-a-service partner Ola Finance to investigate the issue.
Official report still pending
Ola Network has announced that it will soon release an official report detailing the hack attack on the DeFi altcoin project. Meanwhile, blockchain security firm PeckShield confirmed the third-party report. Peckshield stated that the attack on the altcoin was caused by a re-entry bug that allowed hackers to drain the credit pool.
Vulnerability in the DeFi altcoin project, ERC-677/777 tokens that are the basis for most of the affected stablecoins and Ola Network’s developers Compound Network fork due to a problem between As Cryptokoin.com has previously stated, related attacks took place on Hundred Finance, the fork of Compound Finance, and Agave, the fork of Aave, around March 15. In total, approximately $11 million was stolen during these attacks.
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