Wise Lending Exploited: Web3 Platform Loses $440,000 in Ether – DeFi Security Concerns Rise

On January 12, an attacker targeted Wise Lending, a Web3 lending app and yield aggregator, draining 170 Ether valued at $440,000. Security experts suspect the exploiter manipulated an oracle price using a flash loan to carry out the attack.

The assailant utilized an unverified contract, ending in d82c, to drain funds at 7:29 pm UTC.

Tokens, including $9,000 USD Coin, $2,000 Tether, $5,000 Dai, 18.51 Wrapped Ether (WETH) ($47,694), and various Pendle Finance-associated tokens, were transferred to this contract.

Additionally, the attacker borrowed 1,110 Lido Staked Ether (stETH) tokens ($2.9 million) from the Aave lending protocol. Pseudonymous blockchain security researcher Spreek first reported the attack on X (formerly Twitter), while Officer’s Notes suggested a vulnerability linked to a new Pendle Finance derivative token.

This incident adds to the early 2024 exploits, following Radiant Capital’s $4.5 million loss on January 3 and Gamma Protocol’s $400,000 loss the next day. In 2023, crypto hacks, scams, and exploits accounted for over $1.8 billion in losses, as reported by blockchain security platform Certik.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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