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Value DeFi Protocol Suffered $6M Net Loss In A Flash Loan Attack

Mary Liu

Summary: Value DeFi, a protocol whose mission is to bring true value to DeFi, announced that its MultiStables vault was attacked by flash loan, with a net loss of $6 million. The developers are testing it and all other vaults and pools are operating normally.  It is reported that the attacker withdrew 80,000 ETH (more than ...

Value DeFi, a protocol whose mission is to bring true value to DeFi, announced that its MultiStables vault was attacked by flash loan, with a net loss of $6 million. The developers are testing it and all other vaults and pools are operating normally. 

It is reported that the attacker withdrew 80,000 ETH (more than $36 million) loan from Aave, and then used the funds to carry out a flash loan arbitrage attack on Value DeFi's MultiStables vault. The attacker deposited funds in a vault and arbitrage between DAI and USDC. 

The attacker also leaves an ironic message to the developer team of Value DeFi, saying: "do you really know flashloan?" 

By Mary Liu

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