Garden Finance Offline After $450K Exploit on Multiple Blockchain Networks

Garden Finance temporarily took its app offline after blockchain security firm Blockaid reported an exploit targeting the protocol's hash time-locked contracts (HTLC) across four blockchain networks.

The attack, which is ongoing, has drained about $450,000 in USDT from Garden's HTLC contracts on Ethereum, Base, Arbitrum and BNB Smart Chain. HTLCs are time-bound escrow contracts that Garden uses to facilitate atomic swaps between Bitcoin and assets on other networks.

Garden Finance acknowledged the incident and stated that it had detected 'unusual activity' while conducting a full investigation. The protocol's app remained temporarily offline as the investigation continued.