Exactly Protocol exploited for over $7 million on Optimism Layer 2 network: BlockSec

by Vishal Chawla

Security • August 18, 2023, 6:31AM EDT

Published 4 minutes earlier on

UPDATED: August 18, 2023, 6:44AM EDT

The Block

Quick Take

The exploit has resulted in estimated losses of over $7 million, according to security firms.

Exactly Protocol, a DeFi project that offers interest rate markets on the Optimism Layer 2 network, has become the latest victim of a security attack. The exploit, which was detected by security firms including BlockSec and Beosin, has resulted in estimated losses of over 4300 ether ($7.3 million).

The attacker exploited a vulnerability in Exactly Protocol’s smart contracts, leading to significant losses. The details of the exploit have not yet been publicly disclosed.

The protocol held over $36 million in total value locked (TVL) at the time of the hack, according to data from DeFi Llama. This figure has dropped to below $26 million.

This is a developing story.

About Author

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]