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May 2, 2022 by Vignesh Karunanidhi
Saddle Finance has lost more than $10 million as a result of the most recent hacking incident. The assault was acknowledged and disseminated over Twitter by Saddle Finance’s development team.
The team is investigating a possible exploit and is pausing pool withdrawals
— Saddle (@saddlefinance) April 30, 2022
Scammers and hackers have maintained their assault, with several platforms suffering as a result of their operations. Major security measures have been recommended by analysts.
On the other hand, these nefarious individuals are always coming up with new ways to carry out their schemes. In the most recent one, the Ronin network suffered a bridge assault that resulted in a loss of more than $600 million.
Saddle Finance loses over $10 million
According to the team’s announcement, important website activities, including withdrawals and metapool access, have been blocked.
Saddle Finance is a decentralized exchange that offers AMM on Ethereum to its subscribers. Traders use the exchange to trade assets like tokenized BTC and other assets with low slippage. PeckShield, a blockchain business, released a study that detailed how the hackers were able to carry out the crime.
According to the report, the hackers were quick to carry out a series of transactions totaling more than $10 million, which were lost. The organization further stated that the hackers used a well-known hacking method to get access to the platform and then transferred all of the stolen cash to Tornado Cash.
The technology, in particular, assists customers in blending cash so that their source can’t be traced. In recent months, hackers have used this technology to conceal the whereabouts of stolen assets.
According to PeckShield, the hackers hacked the MetaSwapUtil lib, which was utilized on the platform. The hacker merely took 1 ETH away from Tornado Cash as a test, with the rest funds still residing in their wallet, according to the report.
Tornado Cash has also received roughly 300 additional ETH to mask its movement, according to the company.
According to reports, the attack might have cost $13 million if Block Sec had not intervened quickly enough.
The business was able to prevent the theft of over 1,300 Ethereum worth $3.8 million in today’s market from the plunder.
Using an internal bot that identifies and tracks hacking activity, they were able to avert the heist. The retrieved digital assets have been handed to the Saddle Finance team by Block Sec.
