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Avalanche DeFi Staking Platform Suffers Flash Loan Attack Crypto News

Avalanche-based DeFi-Staking platform – Nereus Finance – suffered a flasharbitrage-Attack. Decentralized Exchange (DEX) Trader Joe and the DeFi platform Curve Finance is also believed to have been impacted by the event, which took place around 3:26pm ET on September 6th.

Both Avalanche and Nereus have yet to release an official statement regarding the exploit.

  • Research director Dr. Hold up Martin Hiesböck quoted Snowtrace on-chain data, the uncovered The attacker launched the exploit with a $51 million flash loan.
  • These funds were then used to run a flash lending attack that manipulated token prices on the staking platform.
  • While the company behind the attack repaid the $51 million loan, it still had $370,000 in USDC after the arbitrage trade was completed.stablecoin.
  • The attacker then reportedly transferred the ill-gotten funds from the Avalanche Blockchain to Ethereum Network, whereupon the bridged funds in 194 ETH and 15,800 DAI were exchanged in this address.
  • In a recently published reportCertiK’s on-chain security software Skynet announced that more than $2.33 billion had been lost to various scams and exploits in the Web 3 space, and a total of nearly 377 attacks have been recorded so far this year.
  • In August alone, 44 such attacks were recorded, including 33 exit scams and seven flash loan attacks.
  • While flash loans continue to be a major pain point for the ecosystem, Skynet’s report states that these attacks have decreased significantly compared to July.
  • In fact, these types of attacks saw a 95% drop, resulting in a loss of $745,000, the second-lowest recorded this year after February. it said

“August shows the lowest overall loss since February of this year, not even breaking the $1 million loss mark. Over the course of 7 attacks, we recorded $745,244 in damage, a huge 95% decrease compared to the previous month of July. The average loss per attack this month was $106,463, the lowest amount we’ve ever recorded for lightning loans at CertiK.”

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Source: Crypto News Deutsch

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