Decentralized peer-to-peer lending platform Onyx Protocol lost approximately $2.1 million in an illiquid market exploit deployed on October 27.
Blockchain investigator PeckShield explained shortly after the hack warning that the protocol went unnoticed.
PeckShield’s independent investigation into this matter found that the allegedly illiquid oPEPE market “abused donations to borrow capital from other liquid markets”.
“The donated funds were then used by taking advantage of a known rounding issue.”
Previously, on April 16, attackers exploited the same bug to steal $7 million from multichain lending protocol Hundred Finance.
In the case of Hundred, the attacker manipulated the exchange rate between ERC-20 tokens and hTOKENS, allowing them to withdraw more tokens than the initial deposit, according to CertiK.
Continuous efforts from hackers require a deeper understanding of the art of cryptocurrency tracking.
Tracking stolen cryptocurrency using blockchain analytics typically involves six key steps: transaction tracing, address clustering, behavioral analysis, pattern recognition, regulatory vigilance, and collaboration .
