After a boast about the protocol's resiliency, Value DeFi loses $6 million to flash loan exploit.
Following a Twitter thread on Friday that highlighted the decentralized finance protocol's flash loan exploit prevention methodology, Value DeFi appears to have been the victim of a $6 million flash loan exploit.
At roughly 10:45 AM EST, a user took out a flashloan of 80,000 ETH from lending protocol Aave.
The attacker then used the funds to conduct a flash loan arbitrage attack, targeting Value DeFi's multi-stablecoin vault.
The attacker deposited funds in the vault, arbitraged the funds between DAI and USDC, and exited with a multi-million payday.
The attacker paid $.31 in ETH from his profits to send the message.
The MultiStables vault was the subject of a complex attack that resulted in a net loss of $6M. https://t.
Since the attack, the the value of the $VALUE token has plunged over 25%, from 2.73 to 2.01 at press time.
This exploit is just the latest in what has been a troubling week across the DeFi space that also featured an attack on the Akropolis protocol.
"Building resilient DeFi is becoming difficult."
Value DeFi protocol suffers $6 million flash loan exploit
gepubliceerd op Nov 14, 2020
by Cointele | gepubliceerd op Coinage
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