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CoinDesk·3 min read·medium

Lending protocol Bonzo loses 77% of value locked as $9 million oracle exploit rattles Hedera

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Francisco Rodrigues
Lending protocol Bonzo loses 77% of value locked as $9 million oracle exploit rattles Hedera
✦AI Summary

The Bonzo lending protocol on the Hedera network suffered a $9 million exploit due to a manipulated price oracle. The incident caused a 40% drop in Hedera's total value locked as the attacker drained USDC and HBAR assets.

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The attacker deposited 250 SAUCE tokens with little value, before submitting a manipulated price update that inflated the token’s HBAR-denominated value, according to a preliminary incident report from Bonzo.

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Lending protocol Bonzo loses 77% of value locked as $9 million oracle exploit rattles Hedera — Headlinne — headlinne