Value DeFi just got hacked out of $5.4 million this morning in the latest major flash loan attack where the attacked returned a $2 million sum into the protocol after the whole process ended so let’s read more in the latest cryptocurrency news.
Value DeFi, the protocol for staking crypto assets in exchange for yield, was just attacked and exploited for $7.4 million on this weekend morning. The attacker pulled off a complicated attack by carrying out a flash loan for 80,000 ETH but also paid the $2 million back to the protocol during the entire process. Value DeFi got exploited for millions of dollars once an unknown attacker drained funds from the multistable vault by using a flash loan which are considered an innovation which is the possibility where Defi users can borrow funds from a pool without providing collaterals and then pay back the loan in the same way.
In the recent attack, the loan was set for 80,000 ETH worth around $36 million considering today’s prices. In a complex process that took many steps and precautions before it was made, which is why only possible among the most advanced DeFi users, the attacker wound up draining $7.4 million in DAI from the pool. In the bold move, the attacker or group of attackers, also signed one of the transactions with the words “do you really know flashloan.” Value DeFi posted a tweet which is now deleted, discussing flash loan prevention. Before taking the funds off of the pool, the attacker decided to return $2 million. The attacker’s moves can be viewed on Etherscan here.
This attack is only the latest example of the major flash loan exploit in the Defi space as flash loans are the subject of long debates in the community in the past few months with ongoing conversations in whether such innovations are a good or a bad for the Defi but also the entire crypto industry.
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While some stand on the “code is law” team, much of the debate forms on the ethics of draining pools for millions which are situations where the users stand to lose out plenty of their funds from these attacks. Value Defi announced the exploit in its Discord channel stating that the team is now “working on postmortem and exploring ways to mitigate the impact on our users.”
Speaking of attacks, we reported earlier that A hacker group used what is called the “Ragnar Locker” attack and targeted the Italian alcohol producer Campari where they demanded $15 million in a Bitcoin ransom which only tells us that the attacks are getting more common.
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