DeFi protocol SIR.trading loses entire $355K TVL in ‘worst news’ possible

Blockchain security researchers say the hack could be one of the first real-world attacks targeting the transient storage that was introduced during Ethereum’s Dencun hard fork.

Ethereum-based DeFi protocol SIR.trading, also known as Synthetics Implemented Right, has been hacked, resulting in the loss of its entire total value locked (TVL) — $355,000 at the time of the attack.

The March 30 hack was initially detected by blockchain security firms TenArmorAlert and Decurity, both of which posted warnings on X to alert users of the protocol.

The protocol’s founder, known only as Xatarrer, described the hack as “the worst news a protocol could received [sic],” but suggested the team intends to try to keep the protocol going despite the setback.