Crypto Lender Exactly Hit by $12M Bridge Exploit

The protocol becomes the latest in a long line of firms to be struck by a hack involving a cross-chain bridge.

AccessTimeIconAug 18, 2023 at 11:41 a.m. UTC

Exactly Protocol, a decentralized credit market on the Optimism network, has been targeted by a bridge exploit worth as much as $12 million.

The hacker used an exploiter contract on Ethereum that transferred deposits to Optimism before ultimately bridging stolen funds back to Ethereum, blockchain security firm De.Fi said in a tweet.

It is estimated that 7,160 ether (ETH) has been lost equating to $12.04 million at current prices.

The protocol's native governance token (EXA) slumped by more than 12% following the exploit as it currently trades at $5.51, per CoinMarketCap.

The hack coincides with a significant downturn across the wider cryptocurrency market, with several assets including XRP, LTC and BCH leading double-digit declines as roughly $1 billion in positions were liquidated in a a 24-hour period.

Cross-chain bridges have become a common attack vector for hackers due to the relatively novel technology. Last year it was estimated that over $2 billion was lost to bridge hacks, according to Chainalysis.

Edited by Parikshit Mishra.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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