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

Solana-Based Lending App Solend Gets Hacked for .26 Million in ‘Oracle Attack’

Solend, the Solana-aligned lending app, lost $1.26 million in an Oracle attack on Wednesday, according to Solend’s official Twitter account. Several affected groups have been disabled, and Solend says it gave the exploit address to crypto exchanges.

Solana Defi Application Solend Loses $1.26 Million in Oracle Exploit

The crypto community has seen two major hacks in the last 24 hours, one of which came from the decentralized finance protocol (defi) Solend. The team’s official Twitter account tweeted about the loss after saying it suffered from an Oracle attack. It affected several isolated groups. “An oracle attack was discovered on USDH affecting the siled groups Stable, Coin98 and Kamino, resulting in a $1.26 million bad debt,” Solend tweeted. “All other groups, including the leading group, are safe.

The affected pools have been deactivated, and the exchanges have been notified of the address of the exploit. Note that Pyth was not involved in the attack,” added Solend’s team.

Solend has reported that an oracle attack on USDH has affected the isolated groups of Stable, Coin98 and Kamino. The affected groups have been deactivated. Stay alert. 

The Solend hack follows crypto options giant Deribit, which lost $28 million in a hot wallet attack on November 1, 2022. The two hacks also observe a significant increase in hacks in the third quarter of 2022. Celtic’s “2022 Hack3d” report highlights that malicious actors have extracted more than $504 million in value from Web3 logs.

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