Another crypto marketplace has been hit by a major cyberattack

Hackers have stolen about $130 million worth of cryptocurrency belongings from Product Finance, by exploiting a bug in their flash loaning process to siphon away all Ethereum-based mostly tokens on the system.

This is Product Finance’s 3rd hack this year alone. The decentralized finance (DeFi) system allows consumers to bank loan and speculate on cryptocurrency cost variants.

The most recent incident was 1st detected by blockchain security corporations PeckShield and SlowMist, just before it was verified by the Product Finance team.

“Our Ethereum C.R.E.A.M. v1 lending marketplaces were being exploited and liquidity was eradicated on October 27, 1354 UTC….No other marketplaces were being impacted,” shared Product Finance on Twitter.

Repeat victims

In advance of today’s incident, Product Finance had endured million greenback heists before in the year, dropping $37 million in February, and a further $29 million in August. 

Curiously, all attacks were being flash bank loan exploits, which reportedly has emerged as 1 of the most widespread techniques hackers use to split into DeFi platforms around the past two several years. 

In accordance to a report by CipherTrace, DeFi connected hacks have accounted for seventy six% of all important hacks in 2021, ensuing in consumers dropping cryptos worth much more than $474 million.

Product Finance patched the bux within just hours of the theft. Nevertheless, The Report thinks that even though the attacker’s preliminary wallet has been discovered, the funds have now been moved to new accounts, and there is small chance of the stolen crypto currently being traced and returned to the wallets of the victims.