Lending protocol Ola Finance is hacked for $3.6 million

Ola Finance is a lending protocol that allows others to create their own lending networks. It promises to allow users to create their own loan platforms where "assets can be listed without needing to pass cumbersome and expensive governance schemes or comply with numerous requirements (deep liquidity, high trading volumes, low volatility, etc.)"

One of their networks, built on top of the Fuse chain, was exploited for crypto assets priced at around $3.6 million. By taking advantage of a re-entrancy vulnerability, the attacker was able to take loans on the platform, then withdraw the collateral without paying back the loans. They then took the stolen assets and transferred them to the BNB and Ethereum chains, making them more difficult to recover.