Saddle Finance Hacked For $11 Million USD Loss

Saddle Finance is no stranger to hacks. They’ve already been hit before, under somewhat suspicious circumstances. This time around, though, it looks like a plain old fatfinger by the developers. Saddle Finance was hacked today, 4/30/22, for the loss of 3,933 ETH, worth over $11 million.

The swap between sUSD and saddleUSD-V2 did not use the latest, correct, calculation library – instead using an older faulty version. This old calculation allowed the attacker to wind up an artificially large amount of saddleUSD-V2 by swapping back and forth, then used his Monopoly money to withdraw real assets from the protocol.

And just like that, Saddle suffers another hit. Previously, they lost a paltry (in comparison) $275k USD. How many more hits can the protocol take and still keep going? Will the users keep coming back for more?

There is a bright side to the story, however. White hat hackers at a security firm were able to use this exploit to retrieve funds from another vulnerable pool that had not been exploited yet.

That’s a small silver lining for the victims of the Saddle Finance hack. Saddle has not issued any official statements or post mortems yet, as this situation is still developing.

Photo of author

Written By BowTiedPickle

Anonymous cartoon pickle inspired by BowTiedBull. Degen chemical engineer, moonlighting as a Solidity developer.

Disclosure

This article may contain links to third-party websites or other content for information purposes. BowTiedIsland may receive a commission at no cost to you if you purchase a product after clicking one of these links. The Third-Party Sites are not under the control of BowTiedIsland, and BowTiedIsland is not responsible for the content of any Third-Party Site. All information contained herein is the opinion of the writer and does not constitute financial advice. We aim to act as a neutral third party and aid in your research and analysis.


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