{"id":15369,"date":"2022-12-11T21:08:05","date_gmt":"2022-12-11T21:08:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/hacker-steals-6-9-million-from-arbitrum-based-defi-protocol-lodestar-finance-defi-bitcoin-news\/"},"modified":"2022-12-11T21:08:05","modified_gmt":"2022-12-11T21:08:05","slug":"hacker-steals-6-9-million-from-arbitrum-based-defi-protocol-lodestar-finance-defi-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/hacker-steals-6-9-million-from-arbitrum-based-defi-protocol-lodestar-finance-defi-bitcoin-news\/","title":{"rendered":"Hacker Steals $6.9 Million From Arbitrum-Based Defi Protocol Lodestar Finance \u2013 Defi Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Arbitrum-based lending platform Lodestar Finance was exploited on Dec. 10, 2022, according to a tweet from the project\u2019s Twitter account on Saturday. Community reports detail that Lodestar lost roughly $6.9 million from the vulnerability. <\/strong><\/p>\n

Lodestar Finance Loses $6.9 Million in an Exploit, TVL Drained, LODE Drops by 53%<\/h2>\n

Another decentralized finance (defi) platform, Lodestar Finance was hacked for $6.9 million<\/a> in an exploit, a number of reports<\/a> detail. \u201c[The] protocol was exploited and deposits have been drained,\u201d Lodestar\u2019s official Twitter account said. \u201cWe have set all interest rates to 0 so that supply and borrow balances are not moving while we weigh recovery options.\u201d<\/p>\n

Lodestar says the hacker \u201cmanipulated the exchange rate of the plvGLP contract\u201d and then \u201csupplied plvGLP collateral to Lodestar and borrowed all available liquidity.\u201d This allowed the exploiter to cash out \u201cwhat they could.\u201d However, a \u201ccollateralization ratio mechanism prevented them from fully cashing out the plvGLP,\u201d the team noted on Saturday.<\/p>\n

Via the team Discord channel, Lodestar team members explained that they had paused borrowing and liquidation activity. Data from defillama.com<\/a> indicates that the total value locked (TVL) in Lodestar was drained from close to $7 million down to a mere $11.06. The project\u2019s native cryptocurrency lodestar (LODE)<\/a> has dropped 53% in value against the U.S. dollar in the last 24 hours.<\/p>\n

LODE recently tapped an all-time high at $0.718 per unit, 18 days ago on Nov. 23, 2022. LODE\u2019s value is now down 76.1% from that value and has seen a 24-hour price range of around $0.13 to $0.369 per unit. At press time, LODE is exchanging hands for $0.173 per coin.<\/p>\n

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$6.9 Million<\/a>, 53% down<\/a>, Arbitrum<\/a>, Arbitrum defi<\/a>, Coins<\/a>, crypto assets<\/a>, decentralized finance<\/a>, DeFi<\/a>, defi vulnerability<\/a>, Digital Assets<\/a>, Drained<\/a>, exploited<\/a>, hacked<\/a>, lending app<\/a>, lending protocol<\/a>, LODE<\/a>, LODE price<\/a>, LODE token<\/a>, Lodestar<\/a>, Lodestar Finance<\/a>, Lodestar Finance team<\/a>, plvGLP<\/a>, Reports<\/a><\/div>\n<\/div>\n

What do you think about the Lodestar Finance hack on Saturday? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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