The attacker manipulated the exchange rate between ERC-20 tokens and hTOKENS to drain over $7M from the protocol, according to Certik.
Flash loan attacks take place when a hacker borrows a large amount of funds via a flash loan from a lending protocol. The hacker then combines it with other techniques to manipulate the price of an asset on aIn Hundred's case, the attacker manipulated the exchange rate between ERC-20 tokens and hTOKENS, allowing them to withdraw more tokens than originally deposited, according to Certik.
"The exchange rate formula was manipulated through Cash value. Cash is the amount of WBTC that the hBTC contract has. The attacker manipulated it by donating large amounts of WBTC to the hToken contract so that the exchange rate goes up." Certik says that large loans were taken out under the manipulated exchange rate. Hundred Finance is preparing a postmortem report on the incident.exposed to another exploit on the Gnosis Chain
. At that time, the hacker drained all the protocol's liquidity through a re-entrancy attack. Over $6 million was lost. In the same exploit, the hacker also stole funds from the Agave protocol. Since last year, a number of perpetrators have used flash loan attacks to target DeFi protocols. Recent cases include attacks against Euler Finance (
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