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Like Hundred Finance, OnyxProtocol Exploited with FlashLoan, $2.1M Gone

Published 01/11/2023, 22:30
Updated 01/11/2023, 22:45
Like Hundred Finance, OnyxProtocol Exploited with FlashLoan, $2.1M Gone

Coin Edition -

  • OnyxProtocol (XCN) suffers a $2.1 million loss in a DeFi hack.

  • Scammers use a similar vulnerability to the earlier Hundred Finance hack.

  • The attackers manipulated an empty contract and used a rounding error in the contract’s redemption function.

The prominent decentralized finance (DeFi) lending protocol OnyxProtocol (XCN) has become one of the latest targets for crypto scammers. In a recent post on the X platform (formerly Twitter), the renowned blockchain security threat tracker SlowMist disclosed that OnyxProtocol lost over $2.1 million following an exploit.

According to the SlowMist team, the hacker exploited the same vulnerability previously exploited in the Hundred Finance hack that occurred early this year. Specifically, the scammers borrowed more funds than expected by manipulating interest rates.

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