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More Sophisticated Version of Flash Loan Attacks May Appear In Future, Chainlink CEO Warns
Summary: The recent flash loan attacks on DeFi platform have caused tens of millions of dollars in cryptocurrency losses. However, Sergey Nazarov, Chainlink CEO warns in the Decrypt Daily podcast that these are just the simplest version of flash loan attacks, and more complex ones will appear. Sergey Nazarov explained: "Because the next, more sophisticated version ...
The recent flash loan attacks on DeFi platform have caused tens of millions of dollars in cryptocurrency losses. However, Sergey Nazarov, Chainlink CEO warns in the Decrypt Daily podcast that these are just the simplest version of flash loan attacks, and more complex ones will appear.
Sergey Nazarov explained: "Because the next, more sophisticated version of this attack is not 'I manipulate a single price oracle,' it's, 'All I need to do is manipulate two or three exchanges, and I manipulate the price.' And instead of manipulating one exchange, which is obviously easier, the more advanced version of this attack is the manipulation of two, three, or four exchanges that a DeFi protocol relies on to source their price data. And we absolutely know that's possible because we look at price data on a daily basis."
By Mary Liu
Tags: Chainlink,DeFi,Flash Loan Attack,Sergey Nazarov
Link: More Sophisticated Version of Flash Loan Attacks May Appear In Future, Chainlink CEO Warns [Copy]
