🔥 Hedera locked-in amount plunges 77%: the ripple effects of an oracle attack

Lending protocol Bonzo was attacked due to a verification flaw in a third-party Supra oracle contract, with losses of about $9.05 million. Hedera network total value locked dropped 77% sharply. The incident highlights DeFi’s fragile dependence on third-party oracles.
The attacker used LayerZero to bridge more than $3.7 million to Ethereum, exchanging WBTC for ETH. The fund flow is clear, but recovery is difficult. The Hedera ecosystem is already fragile; after the TVL collapsed by 77%, restoring user confidence and liquidity will take time.
Oracle attacks are common in DeFi, but this time it exposes deeper problems in Hedera: the protocol overrelies on a single oracle, lacking redundancy and emergency mechanisms. While Bonzo’s loss is only $9.05 million, the 77% drop in TVL implies large-scale capital flight, a fatal blow to trust in the Hedera network.
For traders, this is not only a Hedera issue. Oracle security is the foundation of DeFi, and any protocol that relies on third-party data faces similar risks. The market’s sensitivity to oracle attacks may rise, and related tokens and protocols need to watch for ripple effects.
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