Saddle Finance, a decentralized exchange for trading stablecoins, was hacked in a DeFi exploit today.
The unknown hacker carried out the exploit at 07:40 AM UTC and netted over $10 million in ether cryptocurrency, according to on-chain data.
Saddle Finance confirmed the incident, saying its team was investigating a "possible exploit."
A smart contract audit firm called BlockSec was the first to notify Saddle. Interestingly, BlockSec was able to rescue $3.8 million from the exploiters with an "internal system" that can detect and front-run hacking incidents using off-chain arbitrage bots called flashbots, it told The Block in a Twitter message.
(by Vishal Chawla)
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