The DeFi Protocol Lodestar Finance Has Been Subjected to a Hacker Attack! The loss Is great. The Arbitrum Lodestar Finance-based lending system went live on December 10, 2022, according to a tweet from the service’s Twitter account on Saturday. Local reports detail that Lodestar lost approximately $6.9 million due to the vulnerability.
Lodestar Finance loses $6.9 million in exploitation, TVL collapses, LODE falls 53%
Alternative finance (defi) bankruptcy, Lodestar Finance has spent $ 6.9 million in exploitation, many details. “Don’t play [this] pattern and the deposit is over,” the Lodestar Twitter account said. “We have set all interest rates at 0 so that lending and borrowing do not move as we explore recovery options.”
Lodestar claims that the scammer “revised the exchange rate of the plvGLP contract” and provided Lodestar plvGLP with support and borrowed all available funds.” This allowed the exploiter to collect “what he could”. However, “contractual arrangements prevented them from getting enough money from plvGLP,” the group said on Saturday. Through the team’s Discord channel, the members of Team Lodestar explained that they have stopped the loan and lending service. Data from defillama.com shows that the Total Locked Value (TVL) at Lodestar has dropped from nearly $7 million to just $11.06. The project’s local cryptocurrency Lodestar has fallen 53% in value against the US dollar in the past 24 hours.
LODE reached a recent high of $0.718 per share 18 days ago on November 1. 23, 2022. LODE’s value has fallen 76.1% from that value and saw a 24-hour price range of around $0.13 to $0.369 per unit. At press time, LODE is trading for $0.173 per coin.