Onyx Protocol Suffers $2.1M Loss in Defi Breach, Fraction of Funds Redirected to Tornado Cash

Multiple sources person confirmed that Onyx Protocol, a decentralized concern (defi) platform, has been compromised successful a information breach, resulting successful a nonaccomplishment of $2.1 million. In the aftermath of this attack, a fraction of the stolen crypto assets, primitively from the cross-token liquidity market, were swiftly transferred to the ether mixing work Tornado Cash.

Onyx Protocol Loses $2.1M Hack by Precision Loss Vulnerability and Flash Loan

On November 1, 2023, the blockchain investigation and information squad astatine Peckshield exposed the suspicious transaction involving Onyx Protocol, a peer-to-peer lending and cross-token liquidity market, connected societal media transmission X (formerly known arsenic Twitter).

The attackers launched the battle utilizing a “precision loss” bug on with a flash loan, successfully draining a sizeable magnitude of ETH and ERC20 tokens from the platform. Despite this, the platform’s autochthonal currency, onyxcoin (XCN), has lone seen a flimsy diminution of 0.8% since the event, a humble alteration erstwhile compared with the important interaction connected crypto assets seen successful erstwhile defi hacks.

Currently, the full worth locked (TVL) successful the decentralized concern task is astatine $557,253, marking a melodramatic driblet from its anterior level of $2.88 cardinal the time earlier the breach. Notably, a information of the stolen funds, present converted to ethereum (ETH), made their mode to the ether mixing work Tornado Cash.

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