Blockaid stated an attacker drained about $450,000 in USDT from Backyard Finance’s HTLC contracts throughout Ethereum, Base, Arbitrum and BNB Sensible Chain.
Cross-chain bridging and atomic swap protocol Backyard Finance quickly took its app offline after blockchain safety agency Blockaid reported an exploit concentrating on the protocol’s hash time-locked contracts (HTLC) throughout 4 blockchain networks.
On Sunday, Blockaid stated an attacker drained about $450,000 in USDT from Backyard’s HTLC contracts on Ethereum, Base, Arbitrum and BNB Sensible Chain. HTLCs are time-bound escrow contracts that Backyard makes use of to facilitate atomic swaps between Bitcoin and property on different networks.
Blockaid described the exploit as ongoing when it printed its alert however didn’t disclose the suspected vulnerability or say whether or not the incident affected person funds. Blockaid’s alert included addresses related to the attacker and the affected contracts.
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