Avalanche DeFi Staking Platform Suffers Flash Loan Attack
Published on Sep 8, 2022
https://cb.run/aNT7 Avalanche DeFi Staking Platform Suffers Flash Loan AttackAvalanche-based DeFi staking platform – Nereus Finance – suffered a flash loan arbitrage attack. Decentralized exchange (DEX) Trader Joe and DeFi platform Curve Finance are also believed to have been impacted by the event that was executed around 3:26 pm ET on September 6.
Both Avalanche and Nereus are yet to release an official statement regarding the exploit. Uphold Head of Research Dr. Martin Hiesboeck cited on-chain data from Snowtrace that revealed the attacker launched the exploit with a $51 million flash loan.
These funds were then used to execute a flash loan attack that manipulated token pricing on the...
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