1Inch Exchange Co-Founder Disputes Claims bZx Attackers Stole $8m in DeFi Exploit

1Inch Exchange Co-Founder Disputes Claims bZx Attackers Stole $8m in DeFi Exploit

DeFi lending protocol bZx suffered another attack last night, the second in seven months.

This time, faulty code was blamed for an exploit that allowed hackers to duplicate assets, or increase their iTokens balance without the appropriate collateral.

Reports are circulating that hackers stole cryptocurrencies worth $8 million. But Anton Burkov, Co-founder of 1inch Exchange, analyzed the relevant DeFi explorer, removing duplicate items, as well as bZx “admin drainages”, to conclude those reports are greatly exaggerated.

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According to Burkov, the amount lost to the duplication exploit is closer to $1.7 million. Further analysis carried out by Burkov pinpointed the exploit to nine transactions on the iETH lending token, worth approximately 4.7k Ethereum in total.

“We found 9 exploiting transactions on $iETH lending token with 101778 $iETH tokens duplicated (worth ~4.7K $ETH) // @DuneAnalytics”

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