• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

On March 15, there had been consecutive DeFi attacks of flash loans

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

On March 15, three DeFi attacks with the flash loan process occurred, focusing on 3 tasks, Deus Finance, Agave and Hundred Finance.

The continuity of the flash loan DeFi attacks took location on March 15th

In the early afternoon of March 15, the Deus Finance (DEUS / DEI) protocol was hit by a flash loan assault on the Fantom network, resulting in losses of about $ three million.

Related articles

What is DeFi (decentralized finance)?  Discover the potential and risks of decentralized finance

What is DeFi (decentralized finance)? Discover the probable and dangers of decentralized finance

November 24, 2023
KPMG partners with Chainalysis to combat cryptocurrency-related fraud and attacks

KPMG partners with Chainalysis to fight cryptocurrency-relevant fraud and attacks

November 23, 2023

According to safety company PeckShield, the attacker applied a flash loan mechanism to withdraw money from the project’s stablecoin loan agreement. After borrowing substantial sums of funds with flash loans, the attacker applied it to manipulate the worth of the USDC / DEI trading pair on Deus and revenue from the price tag distinction.

As a consequence, the attacker efficiently withdrew one,one hundred ETH and 200,000 DAI from Deus, really worth about $ three million, and laundered this sum by way of the Tornado Cash trading mixer.

DEUS submit mortem official from @lafachief has been published.

Special thanks to our local community for their continued assistance 👏https://t.co/wxH3mjOLfR

– DEUS Finance DAO (@DeusDao) March 15, 2022

The Deus Finance crew then confirmed that the venture had been breached, pledging to totally compensate the end users harmed due to the aforementioned price tag manipulation.

By the evening of March 15, the DeFi local community continued to acquire terrible information when two loan tasks on Gnosis Chain, Agave (AGVE) and Hundred Finance (HND), had been also attacked with a equivalent flash loan process.

First, the attacker exploited the re-entry vulnerability on each Agave and Hundred to “trick” the intelligent contract of the two tasks into interacting with the contract containing the assault command. He then continued to use flash loans to borrow substantial quantities of coins from two tasks, in advance of repaying the flash loans and holding the stability.

Contracts had been suspended right up until we figured out how to resolve the predicament.

– Agave (@Agave_lending) March 15, 2022

Unfortunately Cento and Agave have each been exploited right now in the chain of Gnosis. The Gnosis crew is mindful, the investigation is ongoing.

All 1 hundred markets of all chains have been suspended for now.

These are the two transactions:
Hundred https://t.co/mdtViohijn
Agave https://t.co/RKB5MVx0O4

– Hundred Finances (@HundredFinance) March 15, 2022

According to statistics, the complete injury to Agave and Hundred following the aforementioned incident is about $ eleven million. Both tasks have now stopped all pursuits to investigate and repair the vulnerability, but have not announced whether or not or not to compensate end users.

Flash lending has lengthy been a “double-edged sword” that haunted the DeFi business. On the 1 hand, it provides end users quick entry to ample liquidity to adhere to protocols, as lengthy as the loan is repaid inside of the similar block of transactions. On the other hand, it provides the terrible guys options to get benefit of to extract funds from tasks with intelligent contract vulnerabilities like the past circumstances.

In the previous, flash loans have been applied to severely injury Cream Finance, which drained up to $ 130 million in October 2021.

Synthetic currency 68

Maybe you are interested:

Maybe you are interested:

Tags: AttacksconsecutiveDeFiFlashLOANSMarch
Share76Tweet47

Related Posts

Coinbase Acknowledges TaskUs Data Breach Four Months Later

by shark
June 3, 2025
0

Coinbase discloses a data breach involving TaskUs employees in India, impacting financial markets and raising security concerns.

Bitcoin Faces Volatility After 8% Correction and Leverage Flush

by shark
June 3, 2025
0

Bitcoin correction triggers market volatility. Key figures and global factors influence derivatives and risk assets.

Classover Raises $500M for Solana-Centric Treasury Strategy

by shark
June 3, 2025
0

Classover Holdings signs a funding agreement with Solana, highlighting a major move in integrating blockchain finance into corporate strategies.

Aptos Labs CEO to Testify on Digital Assets

by shark
June 3, 2025
0

Aptos Labs CEO Avery Ching to testify at U.S. House hearing on digital assets, signaling significant regulatory insight.

Ethereum Foundation Restructures for Enhanced Network Scaling

by shark
June 3, 2025
0

Ethereum Foundation reorganizes to prioritize scaling, blobs, and UX enhancements amid market shifts.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Arbitrum Up 7.7%, Toncoin Hits $3.21, But Could Qubetics Be the Real Top Altcoin for Huge Gains?
  • Shiba Inu & Monero Show Weakness, Analysts Favor Web3 ai for its 500x Upside Ahead
  • Unstaked Nears $10M, Uniswap Surges & XRP Slows Down
  • Qubetics, Aptos, and Toncoin Set 2025 Ablaze as Top Cryptos to Invest in Today
  • BlockDAG Hits $282M, $0.0018 Entry Open Until June 13
  • Powell’s Inflation Comments Stir Uncertainty—Yet Qubetics, Algorand, and Filecoin Remain the Top Coins to Join Today
  • Coinbase Acknowledges TaskUs Data Breach Four Months Later
  • Arctic Pablo, Artificial Liquid Intelligence, and Shiba Inu Updates: Top Meme Coins to Invest in This Week
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7