DeFi lending protocol, Sturdy Finance has lost nearly $800,000 in ETH to an attack. The protocol confirmed the incident in a June 12 tweet after receiving an alert from blockchain security firm, PeckShield. According to the report, the hacker exploited a vulnerability in Sturdy Finance’s price oracle, gaining access to drain funds from the protocol’s liquidity pool.
The DeFi protocol said it had suspended all market transactions while taking further actions to analyze the situation.
Hacker Moves 442 ETH Stolen From Sturdy Finance To Tornado Cash
According to security firm BlockSec, Sturdy Finance’s hacker leveraged read-only reentrancy on the protocol’s price Balancer to manipulate the BstETH-STABLE price. As a result, the hacker carted away 442 ETH worth approximately $800,000 at the time of writing.
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PeckShield was the first to alert the protocol about the price manipulation
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