After a year of dormancy, the hacker responsible for the theft of $7.4 million from the Hundred Finance DeFi protocol has resumed activity by transferring crypto assets. Currently, the hacker holds approximately $4.3 million in their Ethereum wallet.
The hacker, who recently depleted the liquidity of the DEX Curve and took around $800,000 from their savings, now possesses a total of $4.3 million worth of assets in their wallet. These assets include a significant amount of various cryptocurrencies, such as Dai.
Among the coins held by the hacker are Ether, a digital coin, as well as FRAX and Bitcoin. On April 15, 2023, DeFi announced that it had been attacked on a layer-2 network known for its security measures.
According to a report by security firm CertiK, the attacker’s main objective seems to be altering the currency conversion between ERC-20 tokens and hTOKENS. Through this method, they were able to exit the system with more tokens than they initially had.
Flash loan attacks are a well-known phenomenon in the DeFi world. This type of attack typically involves taking out a large unsecured loan from a lending platform without having sufficient funds or collateral.
The hacker has been utilizing the stolen assets to manipulate prices on connected crypto and DeFi platforms. In the Hundred Finance hack, the perpetrators took out substantial loans based on falsified foreign exchange rates.
In 2022, the Gnosis Chain network on Hundred Finance fell victim to attackers and other malicious actors. A reentrancy attack drained $6 million of liquidity from the protocol. While flash loan attacks are still prevalent in the crypto space, data shows a decrease in such incidents since April 2024.
Contrary to reports from a reputable source, flash loan attacks decreased to only $129,000 in April. The most significant incident of the month cost approximately $55,000 to repair. CertiK recently declared that the losses from flash loan attacks reached a record-low in comparison to February 2022.
However, November saw moderate losses due to crypto hacks, when compared to April. According to PeckShield, a security unit, the hacks in November alone accounted for $60 million in losses. The total losses in April, totaling $305 million, significantly decreased compared to the previous months’ losses of $360 million and $187 million in February and March, respectively.
