Saddle Finance had lost money once before, hours after it launched in January 2021. An individual was able to arbitrage Saddle Finance pools for a profit of around $275,000.
Saddle Finance loses more than $11 million to hack
An exploiter used a flash loan attack to pull 3,933 ETH (~$11 million) from the "decentralized automated market maker" Saddle Finance. Shortly after the attack, the hacker began moving the stolen funds through the Tornado Cash tumbler to launder the money.
- Tweet thread by PeckShield
- "Update on Saddle’s Launch", Saddle Medium
Saddle Finance exploited within hours of launch
The Saddle Finance defi project, a fork of the Curve Finance project, launched on January 20. It promised it would "eliminate slippage".
The project was exploited only hours later, by attackers who stole more than 7.9 BTC (~$275,000) by taking advantage of high slippage on the platform.
- "Saddle Finance", Rekt