Decentralized finance (DeFi) lending protocol, bZx, has announced through its official Telegram channel on Saturday that it has been exploited.

According to the announcement, there was an exploit executed against a contract and that the company has paused that contract, except for lending and unlending. However, the exact amount of ETH that was lost through the exploit is not known yet.

Kyle Kistner, bZx co-founder, said the firm is still in consultation with security researchers in order to identify the exact cause of the issue. She added that, the team will be providing more information about the issue later. Kistner claims the remaining funds are safe.

In order to address the issue, bZx has taken down its Fulcrum trading platform for maintenance.

Fulcrum has been taken down for maintenance. Details to follow. — bZx (@bzxHQ) February 15, 2020

bZx is currently the 7th largest DeFi protocol, with approximately $15.5 million funds locked up. According to data from DeFi Pulse, 3,300 ETH, approximately $932,000, have been taken out from the bZx protocol within the last 24 hours. Meanwhile some market observers are estimating that the amount lost through the exploit is around $350,000 worth of ETH.

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