Wise Lending Exploited for $464K Through Share Accounting Flaw

Wise token qwl stabbed with a sword and a flawed code in the background

A flaw in Wise Lending’s share accounting logic gifted 177 ETH (~$464K) to the attacker, raising concerns about DexFi platform security and reinforcing the need for robust vulnerability assessments.

Funds Drained from The Market

The crypto lending platform Wise Lending fell victim to an exploit today, hemorrhaging approximately 177 ETH, equivalent to roughly $464,000 at current market prices. Security firm Peckshield, who initially reported the incident, attributed the exploit to a flaw in the platform’s share accounting logic with a precision issue, essentially allowing the attacker to drain funds from the market.

code flaw the hacker exploted at Wise Lending protocol

Peckshield has provided a transaction link on Etherscan for further investigation: https://etherscan.io/tx/0x04e16a79ff928db2fa88619cdd045cdfc7979a61d836c9c9e585b3d6f6d8bc31. While details surrounding the exploit remain scarce, the mention of a precision issue suggests the attacker manipulated decimals or rounding calculations within the share accounting system to their advantage.

No Official Statement Yet

Wise Lending is yet to make an official statement about the incident, leaving users and the wider crypto community with questions about the extent of the damage and the platform’s security measures. This hack serves as a stark reminder of the inherent risks associated with DeFi platforms and the importance of rigorous security audits and code reviews.

Despite the relatively modest sum compared to some recent DeFi exploits, the Wise Lending incident highlights the ongoing vulnerabilities within the nascent space. As DeFi platforms continue to attract increased user funds, ensuring robust security protocols and implementing thorough vulnerability assessments will be crucial to building trust and fostering sustainable growth within the ecosystem.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.