10 million dollars were stolen from the Saddle Finance stable coin DEX

Saddle Finance, a decentralised stable coin exchange, was compromised today by a Defi vulnerability.

On-chain data shows that the hacker gained almost $10 million in ether cryptocurrency by exploiting the vulnerability around 07:40 AM UTC. The issue was verified by Saddle Finance, which said its staff was looking into a “potential exploit.”

BlockSec, a smart contract auditing business, was the first to alert Saddle. One interesting aspect of this story is how BlockSec rescued $3.8 million from the exploiters by deploying an “internal mechanism” that can identify and front-run hacking situations using off-chain arbitrage bots known as flashbots.

“The total cost of the project was around $13.8 million. In addition, we saved 1,360 ether (a total of $3.8 million) “According to BlockSec, this is the case.

Saddle’s liquidity pools were breached, but the hacker got escaped with more than $10 million in ETH. BlockSec owes Saddle Finance $3.8 million, according to the company.

Also Read: The Swiss National Bank Has Ruled Out The Possibility Of Using Bitcoin As A Form Of Central Bank Reserves