DeFi project Exactly Protocol hacked for $12 million

On August 18, a hacker hacked the Exactly Protocol lending protocol on the second-level Optimism network and withdrew more than 7,160 ETH (~$12 million at the time of writing).

According to De.Fi analysts, the attacker exploited a vulnerability in the Ethereum smart contract. The exploit involves moving deposits from the mainnet to Optimism, then back.

The blockchain-security firm PeckShield reported that the attack is ongoing.

The attacker moved the funds in three transactions of 910 ETH, 226,731 USDC and a further 2.64 million USDC. Experts said additional stolen assets could be uncovered later.

The hacker has already transferred 1,500 ETH (~$2.5 million) across the bridge using Across Protocol.

According to DeFi Llama, the total value locked in Exactly Protocol plummeted by more than half, from $39 million to $16 million.

The project\’s native token also fell by about 22%, to $4.87.

Earlier in August, an unknown attacked the Solana-based decentralized exchange Cypher and withdrew about $1 million in cryptocurrencies.

Later, the yield aggregator Zunami Protocol hacked, resulting in losses of $2.1 million.

In July, the crypto industry lost digital assets to the tune of $303 million due to exploits, scams and hacker attacks.