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DeFi

Solend Attacked By USDH Oracle, Leads To $1.26 Million Bad Debt

November 2, 2022 - Around 2 mins mins to read
Lending protocol Solend announced an attack via the oracle price index that caused the protocol’s lending pools to currently record $1.26 million in bad debt.
Solend

In the announcement a few hours ago of the Solana lending protocol, Solend announced that experiencing an oracle attack took place with USDH that affected the Stable, Coin98 and Kamino pools, resulting in bad debt of $1.26 million.

USDH is a stablecoin developed by Hubble Protocol. This is a stablecoin with the same structure as DAI, allowing users to mortgage assets such as SOL, BTC, ETH, etc., and from there make loans in the form of USDH. Currently, HUSD still maintains a stable peg against USD.

HUSD
24h HUSD price chart. Source: CoinMarketCap

According to current information, it is likely that the price of USDH has been pushed up, thereby helping the attacker to withdraw other assets from Solend’s lending platform.

There is still no detailed announcement from the project side around the type of attack and the risks that may arise in a short time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News

DeFi

Solend Attacked By USDH Oracle, Leads To $1.26 Million Bad Debt

Lending protocol Solend announced an attack via the oracle price index that caused the protocol’s lending pools to currently record $1.26 million in bad debt.
Solend

In the announcement a few hours ago of the Solana lending protocol, Solend announced that experiencing an oracle attack took place with USDH that affected the Stable, Coin98 and Kamino pools, resulting in bad debt of $1.26 million.

USDH is a stablecoin developed by Hubble Protocol. This is a stablecoin with the same structure as DAI, allowing users to mortgage assets such as SOL, BTC, ETH, etc., and from there make loans in the form of USDH. Currently, HUSD still maintains a stable peg against USD.

HUSD
24h HUSD price chart. Source: CoinMarketCap

According to current information, it is likely that the price of USDH has been pushed up, thereby helping the attacker to withdraw other assets from Solend’s lending platform.

There is still no detailed announcement from the project side around the type of attack and the risks that may arise in a short time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News

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