Solana Solend Protocol exploited in $1.26 million hack

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Solend

A Solana DeFi lending protocol, Solend Protocol, has become the latest victim of a serious crypto hack that left the protocol in $1.26 million worth of bad debt.

Solend took to Twitter to share additional news concerning the hack, adding that the exploit was centred around the Hubble stablecoin (USDH).

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As per the latest details, the attacker carried out an oracle attack on USDH, which in turn affected the Stable, Coin98, and Kamino isolated pools.

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Solend protocol exploited for $1.26 million

Solana-based Solend has become the latest DeFi protocol to suffer from a crypto hack.

Per the additional details shared by Solend, the hackers carried out an oracle attack on the protocol's USDH stablecoin, which resulted in the platform taking on $1.26 million worth of "bad debt."

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Solend later tweeted that it has already disabled the Stable, Coin98, and Kamino lending pools, further stating that 'all other pools, including the main pool, are safe.'

The platform also shared how it has already disabled the affected pools and informed other exchanges about the exploiter's address.

Crypto Twitter was quick to weigh in with their opinions, adding how the crypto industry is slowly becoming a 'hacker's playground.'

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Multiple users also shared how the growing number of crypto scams has compelled them to think twice before storing their crypto funds in an exchange or DeFi protocol.

In addition, Solana-based staking platform Solblaze tweeted a new update on the recent Solend hack, adding that it has found a known contact for the hacker.

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The platform is currently in the process of identifying the hacker to negotiate terms to reach a possible resolution

Crypto hackers

According to Chainanalysis, October has been labelled as one of the most problematic months for the crypto industry, primarily due to the growing number of hacks that this month has documented so far.

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The blockchain analysis company further detailed how October recorded the maximum number of crypto exploits, costing the sector a staggering $718 million in losses.

Chainanalysis later shared how the crypto hacks have been increasing at an alarming rate. October 2022 documented some of the biggest crypto exploits, including the Solana Mango Market hack.

Furthermore, Binance's BNB chain also experienced a massive crypto exploit last month, resulting in the exchange losing nearly $100 million worth of funds.

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