Saddle Finance Loses Over $10 Million in Hack — Derev Blog

Quick take:

• Saddle Finance, a DeFi protocol, lost $10 million in a recent exploit.
• BlockSec helped to recover $3.8 million in lost funds.

Saddle Finance has lost more than $10 million after a recent hack. The assault was recognized and spread on Twitter by Saddle Finance’s development staff.

Scammers and hackers have continued their onslaught, and various platforms have been harmed as a result of their activities. Analysts have advised major security measures.

These malevolent individuals, on the other hand, are constantly devising new ways to carry out their schemes. The Ronin Network was hit by a bridge attack in the most recent one, resulting in a $600 million loss.

Saddle Finance halts all activities

Critical website operations, including withdrawals and metapool access, have been restricted, according to the team’s release.

Saddle Finance is a decentralized exchange that provides customers with AMM on Ethereum. Traders use the exchange to trade assets with low slippages, such as tokenized BTC and other assets. Research published by PeckShield, a blockchain company, outlined how the hackers were able to carry out the crime.