Saddle Finance Loses Over $10 Million in Hack

Quick take:

• Saddle Finance, a DeFi protocol, lost $10 million in a recent exploit.
• BlockSec helped to recover $3.8 million in lost funds.

Saddle Finance has lost more than $10 million after a recent hack. The assault was recognized and spread on Twitter by Saddle Finance’s development staff.

Scammers and hackers have continued their onslaught, and various platforms have been harmed as a result of their activities. Analysts have advised major security measures.

These malevolent individuals, on the other hand, are constantly devising new ways to carry out their schemes. The Ronin Network was hit by a bridge attack in the most recent one, resulting in a $600 million loss.

Saddle Finance halts all activities

Critical website operations, including withdrawals and metapool access, have been restricted, according to the team's release.

Saddle Finance is a decentralized exchange that provides customers with AMM on Ethereum. Traders use the exchange to trade assets with low slippages, such as tokenized BTC and other assets. Research published by PeckShield, a blockchain company, outlined how the hackers were able to carry out the crime.

The hackers were fast to carry out a series of transactions totaling more than $10 million. The hackers gained access to the platform using a well-known hacking method, according to the group, and then moved all of the stolen funds to Tornado Cash.

The hackers compromised the MetaSwapUtil lib, which was used on the platform, according to PeckShield. The hacker reportedly only withdrew 1 ETH from Tornado Cash as a test, with the rest of the cash remaining in their wallet.

Tornado Cash has said it also received around 300 ETH to hide its movement. According to sources, if Block Sec had not responded fast enough, the hack may have cost a further $3 million.