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Project Overview
Secured Finance seeks to revolutionize decentralized finance by offering investment-bank-grade financial products and services for cryptocurrencies and digital assets. Utilizing decentralized ledger technology (DLT), it builds peer-to-peer derivative exchanges to cater for loans, forwards, swaps, and options.
Recovery complete: Secured Finance has reopened its lending markets on Ethereum, Arbitrum, and Filecoin
Odaily reports: Lending protocol Secured Finance has announced that it has completed its recovery and reopened on Ethereum, Arbitrum, and Filecoin. According to the official statement, users did not lose funds, assets have been replenished, and contracts, balances, positions, and order books have all been repaired and verified. Secured Finance's lending market suffered an attack on September 5, with losses of approximately $104,000.
Loss of approximately $104,000: Secured Finance lending market suffers attack
Odaily News: The decentralized lending protocol Secured Finance's lending market was attacked on September 5, resulting in a loss of approximately $104,000. The root cause was that collateral was priced based on the average execution price of the order book for the current block, allowing attackers to influence the price through self-trading, causing fraudulent lending positions to be counted as valid collateral. The attacker initially deployed the contract but did not execute immediately, then used flash loans and self-trading to inflate the price and withdraw USDC. The original attacking wallet was rolled back due to insufficient gas fees; approximately 48 seconds later, the general-purpose sandwich bot coffeebabe took about 0.9 WBTC, worth approximately $72,000, and transferred about 28.8 ETH of it to the ultra sound money builder, keeping only about $29 for itself. Subsequently, another bot took part of the USDC.
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Recovery complete: Secured Finance has reopened its lending markets on Ethereum, Arbitrum, and Filecoin
Odaily reports: Lending protocol Secured Finance has announced that it has completed its recovery and reopened on Ethereum, Arbitrum, and Filecoin. According to the official statement, users did not lose funds, assets have been replenished, and contracts, balances, positions, and order books have all been repaired and verified. Secured Finance's lending market suffered an attack on September 5, with losses of approximately $104,000.
Loss of approximately $104,000: Secured Finance lending market suffers attack
Odaily News: The decentralized lending protocol Secured Finance's lending market was attacked on September 5, resulting in a loss of approximately $104,000. The root cause was that collateral was priced based on the average execution price of the order book for the current block, allowing attackers to influence the price through self-trading, causing fraudulent lending positions to be counted as valid collateral. The attacker initially deployed the contract but did not execute immediately, then used flash loans and self-trading to inflate the price and withdraw USDC. The original attacking wallet was rolled back due to insufficient gas fees; approximately 48 seconds later, the general-purpose sandwich bot coffeebabe took about 0.9 WBTC, worth approximately $72,000, and transferred about 28.8 ETH of it to the ultra sound money builder, keeping only about $29 for itself. Subsequently, another bot took part of the USDC.