- PeckShield has detected that Saddle Finance is hacked, with a loss of more than $10M.
Below is a quick overview of this project.
Saddle Finance has described itself as a decentralized automated market maker on the Ethereum blockchain, optimized for pegged value crypto assets such as stablecoins and wrapped BTC.
According to PeckShield, it was hacked in a flurry of transactions. Here are a few links to Hacker’s Transaction:
If we dig in the past, Saddle Finance was also hacked last year on January 20, 2021. At that time, around $275,735 was stolen. Saddle Finance pools were arbitraged for millions within hours of launch, the Saddle team were forced to release a formal excuse for their performance. Also, previously, it was at 85th position on Rekt Leaderboard. But now, it will be at the 48th position. Also, this can improve as we know more about the hack.
Below is a step-by-step illustration by the PeckShield Team of how this hack was possible.
According to the official statement from their Telegram moderator weeb, the team has paused all meta pools across all networks and is currently investigating the issue. Here is the link to all the smart Contract Audits by Saddle Protocol. This project is audited by Certik, QuantStamp, and OpenZeppelin.
According to the Official Statement by the team on Twitter, initial investigations show that problem seems to lie with an exploit in $sUSD. White hat hackers from BlockSecTeam were able to secure $3.8m. The team is in contact with them to return the funds.
As crypto hacks are increasing nowadays, our readers should stay alert.