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ID:

lendinghub-1409

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Date:

Status:

Incident Count:

January 13, 2023

Verified

1

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

None

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50 pts

Audit By:

Audits:

None

Loss Amount:

6,000,000

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Recovered:

-

Rewards:

Ticker:

USD

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100 pts each

LendingHub announced that hackers stole $6m worth of assets.

LendHub has two contracts and the old contract is not deprecated. This created a discrepancy between the old and new lBSV, with different Comptroller contracts but same pricing in the market, causing a disconnect in the calculation of liabilities between the old and new markets allowing the hacker to manipulate the minting and redeeming process in the old market while borrowing in the new market. In other words, the attacker uses collateral on the first Lendhub contract to obtain pegged tokens, then use the pegged tokens to borrow funds on the second contract.

Initial funds came from Tornado.Cash. Some of the stolen funds are currently held at the addresses on Heco, Ethereum and Optimism, and another 1,100 ETH deposited into Tornado Cash.

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