Express

Hackers Increasingly Exploiting Flash Loans To Attack DeFi Protocols, New Report Says

Emily Mason

Summary: DeFi protocol Cheese Bank lost $3.3 million as a result of a November hack which leveraged flash loans, according to a recent post from cybersecurity firm Peckshield.  The Cheese Bank hackers stole the funds via U.S. dollar-pegged stablecoins USD Coin (USDC), Tether (USDT) and Dai (DAI). Value DeFi,  Akropolis and Harvest Finance are three DeFi protocols ...

DeFi protocol Cheese Bank lost $3.3 million as a result of a November hack which leveraged flash loans, according to a recent post from cybersecurity firm Peckshield. 

The Cheese Bank hackers stole the funds via U.S. dollar-pegged stablecoins USD Coin (USDC), Tether (USDT) and Dai (DAI). Value DeFi,  Akropolis and Harvest Finance are three DeFi protocols which have been successfully hacked using flash loans. 

“In the string of attacks, we have seen malicious actors use flash loans to instantaneously borrow, swap, deposit and again borrow large numbers of tokens so they can artificially manipulate the price of a specific token on a single exchange (e.g., Uniswap, Curve),” Peckshield report authors wrote. 

By Emily Mason

Last Update:

Tags: ,,,,,
Link: Hackers Increasingly Exploiting Flash Loans To Attack DeFi Protocols, New Report Says   [Copy]
Next:

Related Articles

  • ​The Crypto Treasury Boom Meets Regulatory Chill: Is the DAT Frenzy Fading? 4 days ago
  • Nasdaq Takes Aim at 'Crypto-Flipping' Companies with Stricter Rules 8 days ago
  • BTC Weekly Outlook: The Oversold Bounce—A Bottom or a Shorting Opportunity? 11 days ago
  • The Making of a Political Darling: Is Chainlink’s Government Deal a Victory for Tech or... 15 days ago
  • Google Steps Into Blockchain: A New Front in the “Ledger Wars” 17 days ago

    • You need to login to comment.