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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Oliver Knight

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

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.