Lending Protocol Sturdy Finance Hacked!

Sturdy Finance, a decentralized lending protocol, announced that $800,000 was hacked.

The Sturdy Finance protocol, which offers decentralized debt facilities, suffered a security attack that resulted in the loss of 442 Ethereum (ETH). Sturdy Finance, which wrote a loss of approximately $ 800,000, made a statement about the cyber attack and stated that it suspended all its markets to prevent further possible losses. The attack on Sturdy Finance was started as a method, often used to illegally withdraw money from DeFi protocols. This type of attack takes advantage of the ability to repeatedly call a function within a single transaction before the original function call is complete. This allows the attacker to withdraw more money than they are legally entitled to.

Activities Suspended After the Attack

Sturdy Finance, which increased its social media shares after the cyber attack, attracted the attention of users with its statements. Stating that it has suspended its commercial activities in order to prevent the losses experienced from continuing, the company stated that it continues its work at full speed in order to recover the losses.

Cyber-attacks, made even more tense by the chaos in the market, continue to cause difficulties for many companies. In addition, the increasing liquidity problems on platforms and exchanges make the confusion critical.