Ola Finance on Fuse Network suffers $3.6 million hack

Ola Finance on Fuse Network suffers $3.6 million hack (by _vishalchawla)

An unknown hacker took advantage of a reentrancy vulnerability in the protocol’s smart contract.Lending protocol Ola Finance suffered a hack today on Fuse Network, one of the many blockchains it operates on, with the attackerThe incident involved a common issue known as a reentrancy bug, a smart contract vulnerability that enables hackers to make repeated calls to a protocol in order to steal assets.

After draining the funds, the perpetrator transferred them from Fuse to other blockchains – BNB Chain and Ethereum – via Fuse’s own cross-chain bridge. Of the total loot, it is reported that the hacker holdsit's still investigating the incident and promised to come out with a post-mortem report soon. Ola’s decentralized lending product on Fuse Network remains paused to control the damage.© 2022 The Block Crypto, Inc. All Rights Reserved.

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