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Voltage Finance was hacked and lost 4 million dollars

Voltage Finance suffered a recent attack that resulted in $4 million in losses of stablecoins and cryptocurrencies according to a Twitter announcement on March 31.

“We discovered a breach about 3 hours ago resulting in a loss of $4 million in USDC, FUSD, BUSD, WBTC, WETH & FUSE. We are working with Ola.finance on a preliminary investigation.”

Voltage Finance assures users that all funds in its custody are safe, including staked tokens and tokens in liquidity pools. The platform added that the contracts have gone through a different audit process.

The attacker’s address was flagged on Etherscan, and Voltage urged exchanges CEX and Circle to block transactions from that address. Voltage is currently trying to contact the attacker and negotiate a bounty to return the money.

The Ola Network partner says that they will soon publish an official report detailing the exploit. In the meantime, it confirmed a third-party report from blockchain security firm PeckShield.

Peckshield has claimed that the hack was caused by a recent bug that allowed hackers to drain loan funds. This vulnerability arose from an issue between ERC-677/777 tokens (the basis of most affected stablecoins) and Compound Network forks (where Ola Network allows developers to get creative).