Hackers Reportedly Drain $6 Million From DeFi Protocol Summer.fi

Summer.fi has reportedly been exploited, with roughly $6 million drained so far. Blockaid flagged the exploit in a post on X on Monday.

The security firm published the attacker’s address, the exploit contract, and the affected Lazy Summer contracts. 

DeFi Protocol Summer.fi Reportedly Loses $6 Million in Active Exploit

Blockaid said its detection system surfaced the incident on Monday morning, estimating about $6 million in losses at that stage. The firm highlighted the on-chain addresses associated with the attack.

• Exploiter address: 0x7BF716167B48CF527725722C6d79494b45B3BDCa
• Exploit contract: 0x0514F827C129C16418a0933E03C99A6AF982FC61
• Affected Summer.fi / Lazy Summer contracts:
  • 0x98C49e13bf99D7CAd8069faa2A370933EC9EcF17
  • 0xA9ca4909700505585B1aD2a1579dA3b670FFA9c4
  • 0xE9cDA459bED6dcfb8AC61CD8cE08E2D52370cB06

Security firm PeckShield identified the main affected vault as LazyVault_LowerRisk_USDC (LVUSDC), which Block Analitica risk-manages. The firm said that the vault’s displayed APY briefly spiked to about 2.08 million %.

“The largest current holder is 0x8741e8f…4130, which appears to be associated with Torben Jorgensen (UDHC), and has deposited ~8.6M USDC into this vault,” the post read.

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Summer.fi, formerly Oasis.app, is the front-end for the Lazy Summer Protocol, an onchain vault system that automatically routes deposits across DeFi yield sources like Aave and Morpho.

The network’s native token SUMR traded near $0.00193, down 5.3% over 24 hours. The move diverged from the broader market, which rose more than 1% on the day.

The incident marked the second crypto exploit recorded in July, according to DeFiLlama. It follows a series of attacks in June, when crypto platforms lost $75.87 million across 40 hacks, with the Humanity Protocol breach accounting for the largest loss.

BeInCrypto has reached out to Summer.fi for comment. This is a developing story.

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The post Hackers Reportedly Drain $6 Million From DeFi Protocol Summer.fi appeared first on BeInCrypto.

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