July 21, 2024
Bridge hack Hits Exactly Protocol on Optimism Network, Resulting in $12M Loss
Latest Cryptocurrency News

Optimism’s Exactly Protocol Falls Victim to $12 Million Bridge Hack

According to current market pricing, a breach caused a loss of about 7,160 ether (ETH), approximately $12.04 million.

The Optimism network’s decentralized credit market, Exactly Protocol, was the victim of a bridge exploit with a potential market value of up to $12 million. The compromise involved a hacker who used an Ethereum platform exploiter contract to transfer deposits to Optimism before rerouting the stolen assets back to Ethereum. A blockchain security company named De.Fi tweeted this information.

Following the breach, EXA, the protocol’s native governance token, dropped by more than 12% and is now trading at $5.51, according to CoinMarketCap. The attack coincided with a significant decline in the overall Bitcoin market at the time. Significant assets including XRP, LTC, and BCH had sharp double-digit drops that caused about $1 billion in positions to be liquidated in a 24-hour period. Cross-chain bridges have come under increased attack from hackers attracted to the relatively new technology, which has turned out to be a frequent weakness. According to Chainalysis, losses from bridge exploits in the previous year exceeded $2 billion.

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