Hacker siphoned assets from DeFi protocol Saddle Finance worth $10 million

An unknown hacker breached Saddle Finance, a decentralized exchange of stablecoins and wrapped assets. The hacker’s haul amounted to more than $10 million in Ethereum.

The project team said it is investigating the incident. Withdrawals from some pools have been paused.

The team is investigating a possible exploit and is pausing pool withdrawals

— Saddle (@saddlefinance) April 30, 2022

BlockSec, a cybersecurity firm specialising in the DeFi sector, detected the breach first. Its specialists were able to secure Saddle Finance funds worth $3.8 million.

White hat hackers @BlockSecTeam were able to secure $3.8m. The team is in contact with them to return the funds

— Saddle (@saddlefinance) April 30, 2022

PeckShield calculated that since the start of 2022, losses from DeFi hacks have totaled $1.57 billion. The figure has already surpassed the $1.55 billion stolen in all of 2021.

#PeckShieldAlert As of May 1, 2022, the exploits have netted $1.57 billion from DeFi, which already surpasses the $1.55 billion stolen by exploiters throughout 2021. pic.twitter.com/QIjAmPBLXs

— PeckShieldAlert (@PeckShieldAlert) May 1, 2022

On May 1, the hacker withdrew from Rari Capital lending pools assets of about $80 million.

In April, the sector’s biggest loss was the Beanstalk Farms project hack worth $181 million. The hacker took around $76 million.