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A company that is changing the way the world mines bitcoin

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Market Cap
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13105
Cryptocurrencies
60.37%
Bitcoin Share
The Coin Rise 2025-03-07 17:00:06

1inch Suffers $5M Smart Contract Exploit: Details

1inch Suffers $5M Smart Contract Exploit: Details

1inch, a well-known decentralized exchange (DEX) aggregator, recently suffered a security breach, resulting in over $5 million in losses. In a recent X post , the platform explained that the attack targeted a weakness in its resolver smart contracts. The resolver helps process and complete trades on the platform. The team said that the exploits only affected resolvers who were still using the old Fusion v1 system, which should have been updated. What Are Resolvers, and Why Did They Get Hacked? Resolvers are smart contracts that help process and complete trades on 1inch. They work like middlemen, pulling funds from different sources to ensure users get the best prices. Some resolvers were still using an old version of Fusion v1, which had a security flaw. Hackers found this weakness and stole money from the affected contracts. Earlier today, blockchain security firm SlowMist founder Yu Xian reported that the attackers stole about 2.4 million USDC and 1,276 Wrapped Ethereum (WETH) from the compromised contracts. Fortunately, the hack did not affect regular users, but resolvers relying on the outdated system lost funds. Notably, the attack on 1inch is part of a bigger trend in decentralized finance (DeFI), where hackers target smart contract vulnerabilities to steal funds. Similar attacks have happened to Curve Finance , Euler Finance, and Multichain, showing that security flaws in outdated contracts are a major risk. Response with Security Fixes After discovering the exploit, 1inch quickly took action to limit further damage and improve security. The team started helping affected resolvers secure their systems and urged them to update their smart contracts to prevent future attacks. The platform started a bug bounty program to find and fix security problems. It offers rewards from $100 to $500,000 for reporting issues. Since it began, 1inch has received 58 reports and paid $200 in rewards. 1inch Still Holds a Strong Position in DeFi Sector Even after the hack, 1inch is still a major player in decentralized finance. A report from Messari shows that in Q4 2024, 1inch handled 38.2% of all DEX trading from aggregator platforms. The Aggregation Protocol, which processes most trades on 1inch, saw a 37% rise in daily trading, reaching $369.7 million. Ethereum (ETH) was the most used blockchain on 1inch, making up 66% of total trades. Coinbase-backed Base became the second-largest blockchain on 1inch with 11% of the market, while Arbitrum fell from 14% to 10%. The post 1inch Suffers $5M Smart Contract Exploit: Details appeared first on TheCoinrise.com .

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