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DeFi Project bZx Loses $630K In Ether After Being Exploited For Second Time In A Week
Summary: The ethereum-based lending project bZx lost $630,000-worth of the ether (ETH) to bad actors who exploited the project’s price feed. The attack began around 7:00 p.m. EST Monday, when the attackers reportedly took out a flash loan of 7,500 ETH (approximately US$1.98 million), using 3,518 ETH ($939,300) in order to purchase synthetic USD stablecoin (sUSD) ...
The ethereum-based lending project bZx lost $630,000-worth of the ether (ETH) to bad actors who exploited the project’s price feed.
The attack began around 7:00 p.m. EST Monday, when the attackers reportedly took out a flash loan of 7,500 ETH (approximately US$1.98 million), using 3,518 ETH ($939,300) in order to purchase synthetic USD stablecoin (sUSD) from the issuer, which was then used as collateral for a bZx loan, according to an analyst on Twitter. This is the second attack in less than a week.
The attacker then used 900 ETH (~$240,000) to bid up the value of sUSD through an integrated price feed from liquidity provider Kyber Network until the dollar stablecoin grew to $2. Using this inflated collateral, they got another loan of 6,796 ETH (roughly $1.8 million) that was used to pay back the original 7,500 ETH loan, then kept the remaining 2,378 ETH.
By Ramsey Baker
Tags: bZk,Ether,Stablecoin,sUSD
Link: DeFi Project bZx Loses $630K In Ether After Being Exploited For Second Time In A Week [Copy]
