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Guavy AI Editorial Team••Sentiment: -3.5•Clout: 62

Hedera Network Hit with $5M Sauce Protocol Hack, HBAR Price Takes a Hit

ZROBTCHBARETHUSDC

Hackers exploited the DeFi lending platform Sauce Protocol on the Hedera Network, draining over $5.25 million in funds.

The attacker borrowed nearly 6.6 million USDC and 35 million HBAR by manipulating the price oracle after depositing collateral into the lending platform.

The hacker then swapped the stolen tokens on SaucerSwap before using LayerZero to bridge the assets from the Hedera Network to Ethereum, making it more difficult to recover the funds.

The attacker now holds around 2,068 ETH (~$3.7M) and 15.58 WBTC, while HBAR fell by nearly 3% in value due to investor fears of a more serious breach.