Hundred Finance Hack

TOTAL LOST $3.3M
Medium Other

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain 2022 Incident surface
Recovered - No recovery reported
All-Time Rank #529 By amount stolen
Auditors 1 Prior security audit

Incident Overview

Hundred Finance lending protocol was affected due to the Meter bridge exploit.

The exploiter of Meter.io dumped BNB.bsc assets several times at:

https://moonriver.moonscan.io/tx/0x14dc9ed2…9be504

https://moonriver.moonscan.io/tx/0x4afa30ee…ab63bf

https://moonriver.moonscan.io/tx/0x5a87c24d…ee0591

https://moonriver.moonscan.io/tx/0x9d662396…cf966d

https://moonriver.moonscan.io/tx/0x4e2a54f3…2a2156

https://moonriver.moonscan.io/tx/0xbe0610f8…f601ad

That resulted in the local depreciation in the price of BNB.bsc. Different external addresses were able to purchase BNB.bsc at a reduced price and use these tokens as collateral at the global Chainlink price to borrow uncompromised assets on Hundred Finance. As a result, MIM and FRAX tokens were impacted.

Incident Report

Protocol / Project Hundred Finance
Date of Incident
Attack Technique Other
Classification Borrowing and Lending
Primary Source View Post-Mortem

Protocol Information

Protocol Type Lending
Affected Token HND
Official Website hundred.finance/
Protocol Twitter/X @HundredFinance
Team Anonymous
Source Code Unverified

Market Context at Time of Hack

Token Categories
DeFi Ethereum Ecosystem Governance
Protocol Links
GitHub Discord

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of other and Solidity and EVM internals
Capital Required Seed capital to cover gas and initial position setup
On-Chain Access Ability to interact with smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in Hundred Finance's contract logic - root cause: borrowing and lending
Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block
Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Other audit checklist and test coverage
Audited by Audit Report 1 — still lost $3.3M. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Hundred Finance, these are the critical security checks that could have prevented this incident (February 2022).

  • Verify all logic paths related to Other are guarded by proper access controls and input validation
  • Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Security Audit History

Sources & References

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