Stablecoin DEX Saddle Finance hacked for $10 million
Saddle Finance, a decentralized exchange for trading stablecoins, was hacked in a DeFi exploit today.
The unknown hacker carried out the exploit at 07:40 AM UTC and netted about 3,540 ether ($10 million), according to on-chain data.
Saddle Finance confirmed the incident, saying its team was investigating a “possible exploit.”
A smart contract audit firm called BlockSec was the first to notice the exploit and notified Saddle. BlockSec was able to rescue $3.8 million from the exploiters with an internal system that can detect and front-run hacking incidents using off-chain arbitrage bots called flashbots.
“The project was taken for around 4,900 ether ($13.8 million). Among them, 1,360 ether ($3.8 million) was rescued by us,” BlockSecTeam told The Block on Twitter.
Still, the hacker made off with more than $10 million in ETH from Saddle’s liquidity pools. Saddle Finance said it was in the process of recovering the $3.8 million from BlockSec.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Vishal Chawla
