The decentralized finance (DeFi) protocol Resupply has confirmed a security incident in its wstUSR market, resulting in approximately $9.6 million in cryptocurrency losses.
The hacker manipulated the price of a cvcrvUSD. The resulting glitch in the ResupplyPair contract allowed them to borrow a huge amount of reUSD by only putting in a tiny bit of money.
As per the reports, the hackers have stolen $9.6 million in total and changed it into other digital coins like ETH ($2 million), USDC ($3.6 million), and more. Then, they split the money between two different accounts to hide it.
Resupply has confirmed the protocol hack, and it has paused the contract. Only the wstUSR market is affected due to this hack. The decentralized stablecoin protocol is now carefully looking into what happened and will share a detailed report soon.
This hack highlights that DeFi platforms, especially those using outside price checkers, have weak spots and security vulnerabilities that help hackers to exploit them easily. The crypto community is worried because this incident reminds everyone that DeFi, which is growing fast in crypto, still has big risks.
Also Read: Australian Police To Encounter Scam Involved with Crypto ATMs
