Crypto Lending Platform Aurora Suffers $8.85 Million Heist

Ethereum DeFi Platform Zoth Hit by $8.85 Million Hack

A decentralized finance (DeFi) platform on the Ethereum blockchain has been hacked, resulting in the theft of approximately $8.85 million in cryptocurrency.

Zoth, a lending and borrowing protocol, announced on Tuesday that it had been hit by a sophisticated attack, leaving its users' funds compromised. The hack is believed to have occurred on Monday afternoon, with the attackers making off with a significant portion of the platform's total value locked (TVL) – a measure of the total value of assets held on the platform.

According to Zoth's official statement, the attack was carried out by exploiting a vulnerability in the platform's smart contract. The hackers were able to manipulate the contract, allowing them to drain funds from the platform's liquidity pools.

The hack has left the DeFi community reeling, with many users taking to social media to express their shock and disappointment. Zoth has promised to work closely with law enforcement and blockchain security experts to recover the stolen funds and prevent similar attacks in the future.

The hack is a stark reminder of the risks and challenges associated with DeFi, a rapidly growing sector of the crypto market. As more users and institutions turn to decentralized finance protocols for lending and borrowing, the need for robust security and risk management measures becomes increasingly important.

In the aftermath of the hack, Zoth has suspended all operations and is working to restore the platform to a secure state. Users are advised to withdraw their funds immediately, with the platform promising to provide further updates and guidance in the coming days.