Another Complex Attack in Decentralized Finance
On 31st March 2022, PeckShield, a leading blockchain protection, and data analysis company, disclosed that Ola Finance’s system had been hijacked. Voltage Finance, the first Decentralized Finance hub on the EVM-compatible FUSE, has reported that its Ola Finance platform has been emptied for $4M. Around 3 hours ago, we learned of a security compromise on the @voltfinance lending platform, which resulted in the theft of $4 million in $WETH, $USDC, $WBTC, $FUSD, $FUSE, and $BUSD.
According to PeckShield, the attack was made feasible by a shortage of interoperability between COMP forks—Ola Finance allows DeFi enterprises to construct Compound-like platforms—and ETH-based cryptocurrencies of a specific standard. Because ERC677/ERC777 tokens include callback mechanisms, attackers could use Ola’s methodology to empty accessible liquidity pools.
Cryptocurrency Protocol Hacks on the Rise
Hackers used the Tornado Cash combining technology for transferring money from ETH to carry out the attack. The money was recently transferred to ETH wallet addresses already been marked by famous explorers. Voltage Finance requested that CEX’s and Circle Inc.’s USDC operators block the relevant wallet addresses available on the ETH network.
DeFi hacks shattered all prior highs regarding stolen funds, as previously reported by U.Today. Six hundred twenty-five million dollars was siphoned from RON). One person says that the RON attack is the biggest in Decentralized Finance history.
Voltage Finance reached out to the U.Today team and said they had a question for them. If what he said is true, the protocol itself hasn’t been hacked: The Decentralized Finance protocol of Voltage Finance was not used. Ola Finance was taken advantage of. The company we work with is called Ola, and we use their platform to help people borrow money. Ola Finance is an independent team that is not affiliated with Voltage Finance nor Fuse.io.