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Ola Finance on Fuse Network suffers $3.6 million hack

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Ola Finance on Fuse Network suffers $3.6 million hack

by Vishal Chawla
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Quick Takes
  • Ola Finance has lost $3.6 million to an attack on its lending product on Fuse Network.
  • 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 attacker pocketing an estimated $3.6 million in various assets.

The 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. Just a few weeks ago, two DeFi protocols on Gnosis Chain – Hundred Finance and Agave – lost customer funds amounting to more than $11 million in flash loan attacks resulting from reentrancy bugs. 

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