Arbitrum-based lending platform Lodestar Finance launched in December It was exploited on October 10, 2022, according to a tweet from the project’s Twitter account on Saturday. According to community reports, Lodestar lost about $6.9 million due to the vulnerability.
Lodestar Finance lost $6.9M in exploit, TVL leaked, LODE dropped 53%
Lodestar Finance, another decentralized finance (defi) platform was hacked for $6.9 million in exploits, detailing numerous reports. Lodestar’s official Twitter account said that “the protocol was abused and deposits were leaked.” “We have set all interest rates to zero so that the balance between supply and borrowing does not move while we consider recovery options.”
“We have provided plvGLP collateral to Lodestar and have borrowed all available liquidity.” This allowed exploiters to cash in on what they could do. However, “due to the collateral ratio mechanism, we were unable to fully cash out plvGLP,” the team noted on Saturday.
A Lodestar team member sent a loan request through his Discord channel on the team. said it had suspended its liquidation activities. Data from defillama.com shows Lodestar’s total value locked (TVL) dropped from nearly $7 million to just $11.06. The project’s native cryptocurrencylodestar (LODE) has fallen 53% against the US dollar over the past 24 hours.
LODE recently hit an all-time high at $0.718 per unit 18 days ago on November 23, 2022. The LODE value is now down 76.1% from that value, with a 24-hour price range of about $0.13 to $0.369 per unit. At the time of writing, LODE is trading at $0.173 per coin.
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