Solana-Based Lending App Solend Gets Hacked for $1.26 Million in ‘Oracle Attack’

Solana-Based Lending App Solend Gets Hacked for $1.26 Million in 'Oracle Attack'

The Solana-centric lending application Solend lost $1.26 million in an oracle attack, according to Solend’s official Twitter account on Wednesday. A number of affected pools were disabled, and Solend says it has given crypto exchanges the exploiter’s address.

Solana Defi Application Solend Loses $1.26 Million in Oracle Exploit

The crypto community has seen two significant hacks in the last 24 hours, and one of them stemmed from the decentralized finance (defi) protocol Solend. The team’s official Twitter account tweeted about the loss after it said it suffered from an oracle attack that affected a number of isolated pools.

“An oracle attack on USDH affecting the Stable, Coin98, and Kamino isolated pools was detected, resulting in $1.26M in bad debt,” Solend tweeted. “All other pools including the Main pool are safe. Affected pools have been disabled and exchanges have been notified of the exploiter’s address — Note that the attack did not involve Pyth,” the Solend team added.

The Solend exploit was also reported by the blockchain and smart contract security auditors Peckshield and Certik. “Solend has detected an oracle attack, resulting in ~$1.26M in bad debt. Affected pools have already been disabled,” Peckshield told the firm’s 37,900 Twitter followers. Certik also confirmed the exploit on Twitter when the company wrote:

Solend has reported that an oracle attack on USDH has affected the Stable, Coin98, and Kamino isolated pools. The affected pools have been disabled — Stay vigilant.

The Solend hack follows the crypto options giant Deribit losing $28 million in a hot wallet attack on Nov. 1, 2022. The two hacks further follow a significant rise in hacks that took place during 2022’s third quarter. Certik’s “2022 Q3 Hack3d Report” highlights the fact that malicious actors drained more than $504 million in value from Web3 protocols in Q3 2022.

What do you think about Solend losing $1.26 million in an oracle attack? Let us know what you think about this subject in the comments section below.