The two DeFi platforms were subject to a well-known exploit, allowing hackers to snatch large amounts of crypto.
Following the attack, both protocols have suffered a price drop in their native tokens. While Hundred Finance’s token HND did not suffer any major drop-offs, Agave’s AGVE token went down by approximately 5.5% over the past 24 hours.
The exploit was initially reported by Agave itself, and the platform had paused any operations involving crypto transactions.
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Based on several sources, the hackers took off with somewhere around $11 million in crypto that includes wrapped Bitcoin (wBTC), USD Coin (USDC), Gnosis (GNO), XDAI(wxDAI), and Chainlink (LINK).
However, shortly after notifying the exploit on social media, another DeFi protocol Hundred Finance informed users on Twitter that it has suffered from an attack on the Gnosis chain as well.
According to the Senior Engineer of the Original Protocol Daniel Von Fange, the exploit was a result of a reentrancy hack that allowed the hacker to abuse the code by sending out false transfers with XDAI tokens.
To rub more salt into the wound, DanceFloor DeFi developer Shegen explained the hack in a lot more detail, but, most importantly, stated that the stolen crypto assets were practically unretrievable. With that being said, there have been talks of reimbursement by the teams behind the protocols.
The exploit came right after yesterday’s announcement that yet another DeFi protocol Deus Finance was subject to a hack, losing $3 million in the process.
