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Today in crypto, DeFi protocol Bonzo Lend lost about $9 million after an attacker manipulated the price of SAUCE through a flaw in Supra’s oracle verifier on Hedera. The US Department of Justice is reportedly seeking to drop its case against alleged BitClub fraudster Matthew Goettsche, while New Hampshire rejected a proposal to issue $100 million in Bitcoin-backed bonds, dealing a blow to one of the most closely watched state crypto initiatives in the US.
Hedera-based lending protocol Bonzo Lend lost about $9 million after an attacker manipulated the price of SAUCE used as collateral, allowing the account to borrow assets far beyond the value deposited.
In a preliminary incident report published Saturday, Bonzo said the attacker deposited 250 SAUCE, worth only a few dollars, before submitting a price update that inflated the token’s value by roughly 12 orders of magnitude. The wallet then borrowed 6.63 million USDC and 34.5 million wrapped HBAR from the lending pool.
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