Solend Detects an Oracle Attack, Causing a Bad Debt of $1.26M

    Solana-based lending protocol Solend reported an oracle attack on USDH affecting the Stable, Coin98, and Kamino isolated pools, resulting in $1.26M in bad debt. All other pools including the Main pool are safe.

    Solend’s official Twitter posted that “Isolated” pools of this project have problems related to the oracle, resulting in bad debt of $ 1.26 million.

    Solblaze also posted an update on the Solend incident:

    USDH is a stablecoin developed by Hubble Protocol. This is a stablecoin with the same structure as DAI, allowing users to mortgage assets such as SOL, BTC, ETH, etc., and make loans in the form of USDH.

    According to current information, it is likely that the price of USDH has been pushed up, thereby helping the attacker to withdraw other assets from Solend’s lending platform. 

    A few weeks ago, a flaw in price determination and part of the reason for poor liquidity made Mango Markets (another project on the Solana ecosystem) the target of an attack, causing a loss of $114 million.

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