bZx which was recently re-launched following a series of hack in February has been recently hacked for the third time. According to a report by AMBCrypto, the third hack represents 30% of the total value locked in the DeFi protocol. Losing $8 million in the most recent hack, the DeFi lending protocol has now lost about $10 million to hacks in 2020.
The first hack happened on the 14th of February while the second occurred on the 18th of the same month.
Regarding the latest hack, the company released an incident report, giving a detailed technical explanation on the hack. In an attempt to prevent further occurrences, chief technology officer Antov Bukov noted the fix in a twitter post:
“We realized that initial source code works incorrectly when “_from” equals to “_to” and leads to funds duplication. We found 9 exploiting transactions on $iETH lending token with 101778 $IETH tokens duplicated (worth 4.7K $ETH).”
As reported by Cointelegraph, the bZx team said the hacker was traced and was identified because of their on-chain activity. In addition, the team revealed that he had returned all the funds he stole.
Despite the creation of an insurance fund as a result of its hack history, the protocol has $6 million left in total value locked after the last hack.
Image Credits: Pixabay
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