Saddle Finance DeFi Protocol Suffers Major Hack
The decentralized exchange for stablecoins and wrapped assets, Saddle Finance, has been hacked by an unknown attacker. The hacker managed to steal over $10 million in Ethereum.
The Saddle Finance team has announced that they are investigating the incident. Withdrawals from certain pools have been temporarily suspended to prevent further losses.
BlockSec, a cybersecurity company specializing in the DeFi sector, detected the breach and was able to save $3.8 million worth of Saddle Finance’s funds from being stolen.
DeFi Sector Faces Growing Security Challenges
According to PeckShield, losses from DeFi protocol hacks have reached $1.57 billion since the beginning of 2022, already surpassing the total for all of 2021 ($1.55 billion).
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