Another Cross-Chain Bridge Exploited, Millions In Crypto Stolen: How It Happened To Exactly Protocol
Portfolio Pulse from Murtuza Merchant
Exactly Protocol, a decentralized credit market operating on the Optimism network, suffered a loss of over $12 million due to a bridge exploit. The exploit involved attackers funding a contract on the Ethereum network, transferring deposits to Optimism, and then bridging the stolen funds back to Ethereum. The breach coincided with a slump in the broader digital currency sector, with assets like Ripple, Litecoin, and Bitcoin Cash experiencing sharp drops.
August 18, 2023 | 7:40 pm
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NEGATIVE IMPACT
Bitcoin Cash experienced a sharp drop in value, coinciding with the exploit on Exactly Protocol.
The drop in Bitcoin Cash's value may be partially due to the broader slump in the digital currency sector following the exploit.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Ethereum was used in the exploit against Exactly Protocol, which resulted in a loss of over 7,160 Ethereum or roughly $12,040,000.
The exploit involved the use of Ethereum, which could negatively impact investor confidence and potentially lead to a decrease in Ethereum's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Litecoin experienced a sharp drop in value, coinciding with the exploit on Exactly Protocol.
The drop in Litecoin's value may be partially due to the broader slump in the digital currency sector following the exploit.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Optimism network, on which Exactly Protocol operates, was involved in the exploit that resulted in a loss of over $12 million.
The exploit involved the use of the Optimism network, which could negatively impact investor confidence and potentially lead to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ripple experienced a sharp drop in value, coinciding with the exploit on Exactly Protocol.
The drop in Ripple's value may be partially due to the broader slump in the digital currency sector following the exploit.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50