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Hacker Steals $7.2M in ETH from Optimism-Based Decentralized Credit Market

• An Optimism-based (OP) decentralized credit market protocol has been hacked resulting in the theft of $7.2 million worth of Ethereum (ETH).
• The hacker exploited Exactly (EXA), an open-source credit market project, to bypass security measures and steal funds.
• EXA’s price has fallen sharply in the last 24 hours as a result of the hack.

Hacker Exploits Optimism-Based Decentralized Credit Market

An Optimism-based (OP) decentralized credit market protocol was recently hacked resulting in the theft of $7.2 million worth of Ethereum (ETH). The hacker exploited Exactly (EXA), an open-source credit market project, to bypass security measures and steal funds.

How Was the Protocol Hacked?

According to the security department of web3 protocol De.Fi, bad actors were able to bridge ~1,490 ETH using Across Protocol and 2,832.92 ETH to Ethereum via Optimism Bridge. Blockchain security firm Beosin explains how the hacker found a way to bypass the protocol’s security measures by manipulating a malicious market contract address which allowed them to execute a malicious deposit function and liquidate users’ assets for a profit.

What Impact Has This Had on EXA?

News of the hack had an impact on EXA’s price as the altcoin fell sharply during the last 24 hours. EXA is trading for $4.28 at time of writing, a 32% decrease in the last day as investors become more wary about investing in this asset due to its vulnerability to hacking attacks such as this one.

Exactly’s Response

In response to these events, Exactly has temporarily paused its protocol while they investigate further into this issue though investors will still be able to withdraw their funds if they wish too do so.

Conclusion

It is important that investors remain vigilant when it comes to investing in cryptocurrency assets such as EXA due to their vulnerability towards hacking attacks which can have huge impacts on prices and liquidity levels within markets such as these ones