DeFi protocol SIR.trading loses entire $355K TVL in ‘worst news’ possible
Blockchain security researchers say the hack could be one of the first real-world attacks targeting transient storage that was introduced during Ethereum’s Dencun hard fork.
Ethereum-based DeFi protocol SIR.trading, also known as Synthetics Implemented Right, has been hacked, resulting in the loss of its entire total value locked (TVL) — $355,000 at the time of the attack.
The hack, which occurred March 30, was initially detected by blockchain security firms TenArmorAlert and Decurity, both of which posted warnings on X to alert users of the protocol.
The protocol’s founder, known only as Xatarrer, described the hack as “the worst news a protocol could received [sic],” but suggested they intend to try to keep the protocol going despite the setback.
Read more
