EXA Token Drops Nearly 30% Following Exactly Protocols $12M Hack Attack

Exactly Protocol, a decentralized credit market on the Optimism network, has suffered a hack resulting in a loss of approximately $12 million. EXA token declined by over 25%.

The hack was the result of a bridge exploit, which cost an estimated 7,160 ETHer (ETH) or $12.04 million at current prices. The protocols native governance token, EXA, saw a decline of over 25% following the exploit and currently trades at $4.72 per CoinMarketCap.

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Over 7160 $ETH stolen (~$12,040,000) – the total bridged ETH amount.

Two exploiter contracts identified. Numerous calls to the function kick()

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— De.Fi ????️ Web3 Antivirus (@DeDotFiSecurity) August 18, 2023

The hack coincides with a significant downturn in the wider cryptocurrency market, with several assets, including XRP, LTC, and BCH, leading to double-digit declines. More than $1 billion in positions were liquidated within a 24-hour period.

The Exactly Protocol completed $2 million in financing in January of this year, allowing users to conduct decentralized lending at fixed and floating interest rates. Last month, the protocol opened the governance token EXA airdrop application.