Ola Finance hit by re-entrancy exploit
According to the developers' post-mortem report, the project was subjected to a "reentrancy" attack, specifically a re-entrancy vulnerability in the ERC677 token standard. Re-entrancy is a common vulnerability that allows attackers to trick a smart contract into stealing assets by making multiple protocol calls. A call authorizes the smart contract address to interact with a user's wallet address.In the first transaction, the attacker borrowed 515 WETH from the Voltage Finance pair WETH-WBTC to fund the attack. , The post-mortem report confirms that the attackers were able to fool Voltage's smart contracts by transferring wrapped assets using flash loans, a type of uncollateralized lending, and requesting that Voltage transfer the funds to the hackers' addresses.
What will happen now?
In total, the attacker stole 216,964.18 USDC, 507,216.68 BUSD, 200,000.00 fUSD, 550.45 wrapped Ether, 26.25 wrapped Bitcoin, and 1,240,000.00 FUSE worth over $4.6 million at current prices. In the coming days, Ola Finance and Voltage said they will talk to external parties to track down the attacker and set up a compensation plan to distribute the funds to affected users.Because Ola Finance is a multi-chain protocol that provides Lending-as-a-Service for multiple projects on various blockchains, users were concerned that the attack could take place in multiple locations. Ola Finance stated that it will verify if the attack could not be replicated on other lending networks it supports and that it will publish an article outlining the protocol's next steps.
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