On the 25th of July, EraLend was hit by a reentrancy attack that allowed an unknown bad actor to make off with about $3.4 million worth of crypto. A reentrancy attack, a type of cyberattack affecting smart contracts, is one of the most common exploits against DeFi protocols. EraLend, an allegedly low-risk zkSync decentralized lending protocol formerly known as Nexon Finance, eschewed the use of oracles, claiming that this made them less risky. Since the attack, which targeted the platform’s USDC stash, all borrowing operations have been suspended. In order to help EraLend devs get their platform back in order – several cybersecurity firms and other partners have been in contact.
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