The decentralized finance (DeFi) protocol Resupply has confirmed a security incident resulting in approximately $9.6 million in cryptocurrency losses.
Circumstances of the Breach
Hackers manipulated the price of cvcrvUSD, resulting in a glitch in the ResupplyPair contract that allowed them to borrow large amounts of reUSD with only a small amount of money.
Actions of the Hackers
Reports indicate that the hackers stole a total of $9.6 million and converted it into other digital coins, such as ETH ($2 million) and USDC ($3.6 million), before splitting the money between two different accounts to hide their tracks.
Resupply's Response and Consequences
Resupply has confirmed the protocol hack and paused the contract. Only the wstUSR market is affected. The decentralized stablecoin protocol is now investigating the incident and will share a detailed report soon. This hack highlights vulnerabilities in DeFi platforms, especially those using external price checkers.
The incident with Resupply serves as a reminder to the crypto community of the existing risks within the rapidly growing DeFi space, which continues to face security challenges.
