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Hackers Reportedly Drain $6 Million From DeFi Protocol Summer.fi

Summer.fi has reportedly been exploited, with roughly $6 million drained thus far. Blockaid flagged the exploit in a put up on X on Monday.

The safety agency revealed the attacker’s tackle, the exploit contract, and the affected Lazy Summer contracts. 

DeFi Protocol Summer.fi Reportedly Loses $6 Million in Active Exploit

Blockaid stated its detection system surfaced the incident on Monday morning, estimating about $6 million in losses at that stage. The agency highlighted the on-chain addresses related to the assault.

  • Exploiter tackle: 0x7BF716167B48CF527725722C6d79494b45B3BDCa
  • Exploit contract: 0x0514F827C129C16418a0933E03C99A6AF982FC61
  • Affected Summer.fi / Lazy Summer contracts:
    • 0x98C49e13bf99D7CAd8069faa2A370933EC9EcF17
    • 0xA9ca4909700505585B1aD2a1579dA3b670FFA9c4
    • 0xE9cDA459bED6dcfb8AC61CD8cE08E2D52370cB06

Security agency PeckShield recognized the primary affected vault as LazyVault_LowerRisk_USDC (LVUSDC), which Block Analitica risk-manages. The agency said that the vault’s displayed APY briefly spiked to about 2.08 million %.

“The largest present holder is 0x8741e8f…4130, which seems to be related to Torben Jorgensen (UDHC), and has deposited ~8.6M USDC into this vault,” the put up learn.

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Summer.fi, previously Oasis.app, is the front-end for the Lazy Summer Protocol, an onchain vault system that robotically routes deposits throughout DeFi yield sources like Aave and Morpho.

The community’s native token SUMR traded close to $0.00193, down 5.3% over 24 hours. The transfer diverged from the broader market, which rose greater than 1% on the day.

SUMR Token Price Performance. Source: CoinGecko

The incident marked the second crypto exploit recorded in July, in line with DeFiLlama. It follows a series of attacks in June, when crypto platforms misplaced $75.87 million throughout 40 hacks, with the Humanity Protocol breach accounting for the largest loss.

BeInCrypto has reached out to Summer.fi for remark. This is a growing story.

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The put up Hackers Reportedly Drain $6 Million From DeFi Protocol Summer.fi appeared first on BeInCrypto.

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