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DeFi Protocol Solend Struck by $1.26M Oracle Exploit
The Stable, Coin98 and Kamino lending pools have all been disabled.
Solana-based decentralized finance (DeFi) protocol Solend has suffered an exploit in relation to pricing oracles, resulting in $1.26 million in bad debt.
The exploit was centered around the hubble stablecoin (USDH) and affected the Stable, Coin98, and Kamino lending pools, according to a tweet by Solend.
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A pricing oracle is a source of data that provides asset values for blockchains. Hacks and exploits related to decentralized finance, which is a form of lending that takes place without intermediaries, have surged over the past month. Security firm Chainalysis reported that $718 million had been stolen in the first two weeks of October.
Solend said the three pools have been disabled and that exchanges have been notified of the exploiter's address.
Last month, Mango Markets – another Solana DeFi protocol, lost over $100 million in an exploit that manipulated the MNGO price on a pricing oracle before cashing out a nine-figure sum.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
