Bonzo Finance says an attacker borrowed roughly $9 million against its Bonzo Lend pool on Hedera (HBAR) on July 11. The team traced the loss to a third-party price oracle, not its own contracts.

Bonzo Lend and its points program have been paused while recovery work continues.

How the Exploit Worked

Early reports pointed to an exploit on the Hedera network. On-chain researcher Specter first tracked funds as they moved to Ethereum (ETH), then later clarified the attack was linked to Bonzo Finance.

Bonzo, a lending protocol on Hedera, confirmed the incident in a report. The attacker deposited 250 SAUCE tokens, worth only a few dollars, as collateral.

They then pushed a manipulated SAUCE price to the oracle feed, inflated by about twelve orders of magnitude. Seconds later, they borrowed roughly 6.6 million USDC and 34.5 million Wrapped HBAR (WHBAR) against the tiny deposit.

A second wallet borrowed about $1 million during the same window. It later identified itself as a white-hat responder and said it would return the funds.

A Rising Tally of 2026 Crypto Hacks

The incident adds to a run of thefts this month. According to DefiLlama, three hacks targeting crypto platforms occurred in July, resulting in combined losses exceeding $28 million.

Those include a $6 million exploit of the DeFi protocol Summer.fi and a $20 million governance attack on the BONK DAO.

The pace reflects a wider trend. Security incidents climbed roughly 50% in the first half of 2026, even as total losses fell, according to a SlowMist report.

Source: BeInCrypto