Saddle Finance

Saddle Finance operates as a decentralized finance platform that provides lending and borrowing services to users on blockchain networks. The platform enables individuals to deposit digital assets into pooled lending markets where they can earn interest on their holdings. Borrowers can access these pools by providing collateral and taking out loans against the value of their deposited assets. Saddle Finance’s infrastructure includes a lending market creator that allows the deployment of new markets for various tokens. The service is designed to function without intermediaries, relying on smart contracts to automate interest accrual and loan execution.

The company is headquartered in the United States of America and has focused its operations on the Ethereum ecosystem, where most of its lending markets are deployed. In April 2022, Saddle Finance suffered a security exploit in which attackers used a reentrancy vulnerability to withdraw approximately $10.3 million from the platform. Following the incident, the firm engaged BlockSec, which managed to recover $3.8 million of the stolen funds, while the remainder remained in the attacker’s control or was moved through mixing services. Saddle Finance subsequently pursued negotiations with the hacker and proposed a community vote to determine a reimbursement plan for affected users. The event prompted the organization to undertake additional security audits and implement measures aimed at preventing similar vulnerabilities in the future.