Jul 4
How Hinkal protocol’s smart contract flaw sparked $820K USDC exploit
The attack raises the possibility that the protocol did not correctly validate deposits or confirm the cryptographic proofs.
➤ The Hinkal stablecoin privacy protocol suffered an $820,000 exploit due to a smart contract vulnerability. ➤ An attacker exploited a flaw in the prooflessDeposit() function, allowing unauthorized withdrawal of USDC. ➤ This incident highlights the ongoing risks of smart contract vulnerabilities in DeFi, despite a decrease in total exploit losses compared to the previous year.
