{"investigation":{"slug":"hundred-finance","entity_name":"Hundred Finance","trust_score":8,"severity_base":null,"score_modifier":0,"confidence":0.88,"status":"published","content_type":"investigation","summary":"Hundred Finance was a multi-chain DeFi lending protocol forked from Compound V2 that suffered at least two major security exploits totaling approximately $13.6 million in direct losses, alongside a related $11 million joint attack with Agave Finance on Gnosis Chain. The protocol was unable to recover stolen funds and shut down in August 2023 following a governance vote, with remaining treasury funds allocated toward partial victim compensation. Stolen funds remained unrecovered as of 2024, with the April 2023 attacker moving assets through decentralized exchanges more than a year after the exploit.","sections":[{"content":"Hundred Finance (ticker: HND) was a decentralized, multi-chain lending and borrowing protocol that operated as a community-owned fork of Compound V2. It was first deployed on the Ethereum Kovan testnet in late June 2021 before a mainnet launch. At its peak, the protocol operated across eight blockchains including Ethereum, Gnosis Chain, Optimism, Arbitrum, Fantom, Harmony, Moonriver, and Polygon. Governance was managed via the HND token, with a vote-escrow mechanism (mveHND) modeled on Curve Finance's model introduced in December 2021. The total HND supply was capped at 100,000,000 tokens. The team was not publicly doxed but claimed to have undergone KYC through third-party services.","heading":"Protocol Overview","sources":[{"url":"https://www.cryptocurrencyguide.org/what-is-compound-fork-hundred-finance-and-can-it-regain-momentum/","name":"cryptocurrencyguide.org","type":"other","credibility":3},{"url":"https://hundred.finance","name":"hundred.finance","type":"other","credibility":3},{"url":"https://docs.hundred.finance/","name":"docs.hundred.finance","type":"other","credibility":3}],"severity":"medium"},{"content":"On March 16, 2022, Hundred Finance's deployment on Gnosis Chain was exploited in a reentrancy attack. The attacker, using the wallet address 0x0a16a85be44627c10cee75db06b169c7bc76de2c, exploited a non-standard callback feature present in official bridged ERC-20 tokens on Gnosis Chain. These tokens trigger an onTokenTransfer() callback to the receiver on every transfer, which enabled recursive borrowing before debt balances were updated. The attacker deposited approximately $2 million in USDC collateral and repeatedly borrowed different tokens across multiple money markets using the reentrancy vector, draining pools before their debt was registered. Hundred Finance lost approximately 2,363 ETH (approximately $6.2–$6.5 million). A simultaneous attack hit Agave Finance on the same chain for approximately $5.5 million, bringing combined losses to roughly $11–$11.7 million. Stolen assets were subsequently routed through Tornado Cash to obscure the transaction trail. All Hundred Finance markets were paused across all chains following the incident.","heading":"March 2022 Exploit — Gnosis Chain Reentrancy Attack","sources":[{"url":"https://beincrypto.com/hundred-finance-loses-6-5-million-in-defi-reentrancy-attack/","name":"beincrypto.com","type":"other","credibility":3},{"url":"https://www.vidma.io/blog/the-agave-and-hundred-finance-hack-a-11-7m-reentrancy-exploit","name":"vidma.io","type":"other","credibility":3},{"url":"https://www.sharkteam.org/report/analysis/20220317001A_en.pdf","name":"sharkteam.org","type":"other","credibility":3},{"url":"https://medium.com/immunefi/a-poc-of-the-hundred-finance-heist-4121f23a098","name":"medium.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On April 15, 2023, Hundred Finance was exploited on the Optimism Layer 2 network for approximately $7.4 million. The attacker (address: 0x155da45d374a286d383839b1ef27567a15e67528) exploited two separate hWBTC (wrapped Bitcoin) cToken contracts — one actively used by the protocol and a second unused, empty contract. The attack proceeded as follows: the attacker withdrew ETH from Tornado Cash and purchased WBTC; they then initiated a flash loan of 500 WBTC via Aave; they redeemed all previously deposited WBTC from the active hWBTC pool, reducing total supply to zero; they donated WBTC directly to the empty hWBTC contract, artificially inflating the exchange rate between WBTC and hWBTC; using the inflated exchange rate as collateral, they borrowed 1,021.91 ETH and other assets; the Aave flash loan was repaid and the attacker retained the excess. A rounding error in the redeemUnderlying function compounded the vulnerability by allowing imprecise accounting. This attack exploited a known class of vulnerability in empty Compound V2 fork markets. Key transactions: 0x6e9ebcdebbabda04fa9f2e3bc21ea8b2e4fb4bf4f4670cb8483e2f0b2604f451 and 0x15096dc6a59cff26e0bd22eaf7e3a60125dcec687580383488b7b5dd2aceea93. This was the second major exploit of the protocol within approximately 13 months.","heading":"April 2023 Exploit — Optimism Flash Loan and Exchange Rate Manipulation","sources":[{"url":"https://rekt.news/hundred-rekt2","name":"rekt.news","type":"other","credibility":3},{"url":"https://www.halborn.com/blog/post/explained-the-hundred-finance-hack-april-2023","name":"halborn.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/hundred-finance-loses-7-million-in-optimism-hack","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://blockapex.io/hundred-finance-hack-analysis/","name":"blockapex.io","type":"other","credibility":3},{"url":"https://www.numencyber.com/hundred-finance-exploit-7-million/","name":"numencyber.com","type":"other","credibility":3},{"url":"https://blocksec.com/blog/6-hundred-finance-incident-catalyzing-the-wave-of-precision-related-exploits-in-vulnerable-forked-protocols","name":"blocksec.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Following the April 2023 exploit, Hundred Finance paused all markets and notified its community. The team offered a $500,000 USD open bounty for information leading to the hacker's identification and the return of funds. On April 17, 2023, an on-chain ultimatum was transmitted offering the attacker a 10% reward (approximately $740,000) in exchange for the return of the remaining 90% of stolen assets. No response was received and no funds were recovered. The team engaged law enforcement and security contractors in recovery efforts; these efforts yielded no results. In August 2023, HND token holders voted by a 99% margin to shut down the protocol. The governance proposal cited that 'imminent return of the stolen assets does not appear to be forthcoming.' Remaining treasury funds were directed toward partial victim compensation, and affected users were offered claims on any future recovered assets. The official Hundred Finance Twitter announced the shutdown on approximately August 9, 2023.","heading":"Response, Recovery Attempts, and Protocol Shutdown","sources":[{"url":"https://www.web3isgoinggreat.com/single/hundred-finance-shuts-down","name":"web3isgoinggreat.com","type":"other","credibility":3},{"url":"https://x.com/HundredFinance/status/1689358397898887168","name":"x.com","type":"other","credibility":3},{"url":"https://decrypt.co/136918/hacker-exploits-hundred-finance-protocol-in-7-4-million-heist","name":"decrypt.co","type":"other","credibility":3},{"url":"https://www.halborn.com/blog/post/explained-the-hundred-finance-hack-april-2023","name":"halborn.com","type":"other","credibility":3}],"severity":"medium"},{"content":"More than a year after the April 2023 exploit, the attacker began moving stolen assets. In approximately May 2024, the hacker withdrew nearly $800,000 in ETH and USDT from decentralized exchange Curve Finance and subsequently used Uniswap to convert USDT and other assets into ETH, increasing the wallet's ETH holdings by approximately $1 million. The attacker did not route funds through Tornado Cash — likely in response to increased regulatory scrutiny of crypto mixers, including the U.S. Department of Justice charging Tornado Cash founders and the European Parliament's moves against mixer services — instead opting to use decentralized exchanges for fund movement. No funds were returned to victims.","heading":"Post-Shutdown Fund Movement","sources":[{"url":"https://www.dlnews.com/articles/defi/hundred-finance-hacker-moves-crypto-from-curve-finance/","name":"dlnews.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/hundred-finance-hacker-moves-assets-year-after-exploit","name":"cointelegraph.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Hundred Finance's repeated exploits highlight structural risks associated with forked protocols. The protocol was a direct fork of Compound V2 and inherited that codebase's known vulnerability to empty-market exchange rate manipulation — a class of exploit that affected multiple Compound forks including CREAM Finance (August 2021), Midas Capital, and others. Security researchers at BlockSec noted that the April 2023 Hundred Finance incident was among the earliest documented examples catalyzing a wave of precision-related exploits across Compound V2 forks. The March 2022 exploit stemmed from Gnosis Chain's non-standard ERC-20 token transfer callbacks, a known deviation from the ERC-20 standard that the protocol's smart contracts were not hardened against. The team's documentation did not publicly identify auditors who reviewed the Gnosis Chain deployment at the time of that exploit.","heading":"Security Architecture and Systemic Risk","sources":[{"url":"https://blocksec.com/blog/6-hundred-finance-incident-catalyzing-the-wave-of-precision-related-exploits-in-vulnerable-forked-protocols","name":"blocksec.com","type":"other","credibility":3},{"url":"https://www.vidma.io/blog/the-agave-and-hundred-finance-hack-a-11-7m-reentrancy-exploit","name":"vidma.io","type":"other","credibility":3},{"url":"https://medium.com/immunefi/a-poc-of-the-hundred-finance-heist-4121f23a098","name":"medium.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Hundred Finance is defunct as of August 2023. The protocol's markets are closed and the lending service has ceased operations. The HND token still trades on secondary markets with significantly diminished value. The protocol's website (hundred.finance) and documentation remain online but the product is no longer active. No stolen funds from either major exploit have been recovered as of the latest available reporting. Victims of the April 2023 hack received partial distributions from the remaining treasury; the exact compensation ratio has not been confirmed in available sources.","heading":"Current Status","sources":[{"url":"https://www.web3isgoinggreat.com/single/hundred-finance-shuts-down","name":"web3isgoinggreat.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/hundred-finance/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://x.com/HundredFinance/status/1689358397898887168","name":"x.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2021-06","event":"Hundred Finance launched on Ethereum Kovan testnet, followed by mainnet deployment; positions itself as a Compound V2 fork supporting multiple chains.","source":"CryptoCurrencyGuide","source_url":"https://www.cryptocurrencyguide.org/what-is-compound-fork-hundred-finance-and-can-it-regain-momentum/","date_original":"2021-06-01"},{"date":"2021-12","event":"Vote-escrow governance mechanism (mveHND) introduced, modeled on Curve Finance contracts.","source":"Hundred Finance Docs","source_url":"https://hundred.finance/docs-sub/protocol-management/the-hnd-and-mvehnd-tokens","date_original":"2021-12-01"},{"date":"2022-03-16","event":"Hundred Finance exploited on Gnosis Chain via reentrancy attack; approximately $6.2 million stolen. Simultaneous attack on Agave Finance drains additional $5.5 million. Combined losses: approximately $11.7 million. Stolen funds routed through Tornado Cash.","source":"BeInCrypto / Vidma","source_url":"https://beincrypto.com/hundred-finance-loses-6-5-million-in-defi-reentrancy-attack/"},{"date":"2023-04-15","event":"Hundred Finance exploited on Optimism via flash loan and exchange rate manipulation of empty hWBTC market; approximately $7.4 million stolen. Attacker address: 0x155da45d374a286d383839b1ef27567a15e67528.","source":"Rekt News / CoinTelegraph","source_url":"https://rekt.news/hundred-rekt2"},{"date":"2023-04-17","event":"Hundred Finance offers $500,000 public bounty for information on the attacker and issues on-chain ultimatum offering 10% reward (~$740,000) for return of 90% of funds within 24 hours. No response received.","source":"Halborn / Decrypt","source_url":"https://www.halborn.com/blog/post/explained-the-hundred-finance-hack-april-2023"},{"date":"2023-08-09","event":"HND token holders vote 99% in favor of shutting down the protocol. Treasury funds directed toward partial victim compensation. Project officially ceases lending operations.","source":"Web3 Is Going Great / Hundred Finance Twitter","source_url":"https://www.web3isgoinggreat.com/single/hundred-finance-shuts-down"},{"date":"2024-05","event":"April 2023 attacker begins moving stolen funds more than a year after the exploit, withdrawing approximately $800,000 in ETH and USDT from Curve Finance and converting assets via Uniswap. No funds returned to victims.","source":"DL News / CoinTelegraph","source_url":"https://www.dlnews.com/articles/defi/hundred-finance-hacker-moves-crypto-from-curve-finance/","date_original":"2024-05-01"}],"sources_used":[{"url":"https://www.cryptocurrencyguide.org/what-is-compound-fork-hundred-finance-and-can-it-regain-momentum/","name":"cryptocurrencyguide.org","type":"other","archive_url":"https://web.archive.org/web/20260911103146/https://www.cryptocurrencyguide.org/what-is-compound-fork-hundred-finance-and-can-it-regain-momentum/","credibility":3,"archive_timestamp":"2026-09-11T10:31:46+00:00"},{"url":"https://hundred.finance","name":"hundred.finance","type":"other","archive_url":"http://web.archive.org/web/20260418234834/https://hundred.finance/","credibility":3,"archive_timestamp":"2026-04-18T23:48:34+00:00"},{"url":"https://docs.hundred.finance/","name":"docs.hundred.finance","type":"other","archive_url":"http://web.archive.org/web/20251014092039/https://docs.hundred.finance/","credibility":3,"archive_timestamp":"2025-10-14T09:20:39+00:00"},{"url":"https://beincrypto.com/hundred-finance-loses-6-5-million-in-defi-reentrancy-attack/","name":"beincrypto.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.vidma.io/blog/the-agave-and-hundred-finance-hack-a-11-7m-reentrancy-exploit","name":"vidma.io","type":"other","archive_url":"http://web.archive.org/web/20260315233236/https://www.vidma.io/blog/the-agave-and-hundred-finance-hack-a-11-7m-reentrancy-exploit","credibility":3,"archive_timestamp":"2026-03-15T23:32:36+00:00"},{"url":"https://www.sharkteam.org/report/analysis/20220317001A_en.pdf","name":"sharkteam.org","type":"other","archive_url":"http://web.archive.org/web/20260725164400/https://www.sharkteam.org/report/analysis/20220317001A_en.pdf","credibility":3,"archive_timestamp":"2026-07-25T16:44:00+00:00"},{"url":"https://medium.com/immunefi/a-poc-of-the-hundred-finance-heist-4121f23a098","name":"medium.com","type":"other","archive_url":"http://web.archive.org/web/20260706040457/https://medium.com/immunefi/a-poc-of-the-hundred-finance-heist-4121f23a098","credibility":3,"archive_timestamp":"2026-07-06T04:04:57+00:00"},{"url":"https://rekt.news/hundred-rekt2","name":"rekt.news","type":"other","archive_url":"http://web.archive.org/web/20260608210742/https://rekt.news/hundred-rekt2","credibility":3,"archive_timestamp":"2026-06-08T21:07:42+00:00"},{"url":"https://www.halborn.com/blog/post/explained-the-hundred-finance-hack-april-2023","name":"halborn.com","type":"other","archive_url":"http://web.archive.org/web/20260415072405/https://www.halborn.com/blog/post/explained-the-hundred-finance-hack-april-2023","credibility":3,"archive_timestamp":"2026-04-15T07:24:05+00:00"},{"url":"https://cointelegraph.com/news/hundred-finance-loses-7-million-in-optimism-hack","name":"cointelegraph.com","type":"other","archive_url":"https://web.archive.org/web/20260830083649/https://cointelegraph.com/news/hundred-finance-loses-7-million-in-optimism-hack","credibility":3,"archive_timestamp":"2026-08-30T08:36:49+00:00"},{"url":"https://blockapex.io/hundred-finance-hack-analysis/","name":"blockapex.io","type":"other","archive_url":"http://web.archive.org/web/20260510151330/https://blockapex.io/hundred-finance-hack-analysis/","credibility":3,"archive_timestamp":"2026-05-10T15:13:30+00:00"},{"url":"https://www.numencyber.com/hundred-finance-exploit-7-million/","name":"numencyber.com","type":"other","archive_url":"http://web.archive.org/web/20260514070118/https://www.numencyber.com/hundred-finance-exploit-7-million/","credibility":3,"archive_timestamp":"2026-05-14T07:01:18+00:00"},{"url":"https://blocksec.com/blog/6-hundred-finance-incident-catalyzing-the-wave-of-precision-related-exploits-in-vulnerable-forked-protocols","name":"blocksec.com","type":"other","archive_url":"http://web.archive.org/web/20260519012533/https://blocksec.com/blog/6-hundred-finance-incident-catalyzing-the-wave-of-precision-related-exploits-in-vulnerable-forked-protocols","credibility":3,"archive_timestamp":"2026-05-19T01:25:33+00:00"},{"url":"https://www.web3isgoinggreat.com/single/hundred-finance-shuts-down","name":"web3isgoinggreat.com","type":"other","archive_url":"http://web.archive.org/web/20260725170058/https://www.web3isgoinggreat.com/single/hundred-finance-shuts-down","credibility":3,"archive_timestamp":"2026-07-25T17:00:58+00:00"},{"url":"https://x.com/HundredFinance/status/1689358397898887168","name":"x.com","type":"other","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://decrypt.co/136918/hacker-exploits-hundred-finance-protocol-in-7-4-million-heist","name":"decrypt.co","type":"other","archive_url":"http://web.archive.org/web/20260613153119/https://decrypt.co/136918/hacker-exploits-hundred-finance-protocol-in-7-4-million-heist","credibility":3,"archive_timestamp":"2026-06-13T15:31:19+00:00"},{"url":"https://www.dlnews.com/articles/defi/hundred-finance-hacker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