Solend Suffered $1.26 Million Attack, Know More

Solend Suffered $1.26 Million Market Manipulation Attack

Solend, a Solana-based lending protocol, on Wednesday suffered $1.26 million market manipulation attack

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The attak was noted by security firm PeckShield.

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Solend runs a decentralized lending system that allows users to borrow and earn interest on crypto assets with the help of lending pools.

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The platform confirmed that the hackers targeted 3 lending pools that held Hubble stablecoins, Coin98 tokens and Kamino tokens.

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“An oracle attack on USDH affecting the Stable, Coin98, and Kamino isolated pools was detected, resulting in $1.26M in bad debt,” Solend tweeted.

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The affected pools have been frozen after the incident while other lending pools remained unaffected, the Solend further clarified.

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According to the Solend team, the attacker took advantage of an issue in the project's price-data oracle — a system used to track the prices of different crypto assets.

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