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Value DeFi Suffers $6M Flash Loan Attack
The latest flash loan attack in the decentralized finance world has caused a total loss of $6 million.
Decentralized Finance (DeFi) protocol Value DeFi was exploited for approximately $6 million earlier Saturday, possibly due to a flash loan attack, a scheme often seen in the fast-growing DeFi sector.
STORY CONTINUES BELOW
- "A complex attack" on Value DeFi's MultiStables vault has caused a net loss of $6 million, according to a tweet by Value DeFi on Saturday.
- The exploit appears to be a flash loan attack, according to data from Etherscan, after an attacker or attackers borrowed 80,000 ether from the DeFi lending platform Aave.
- Flash loans allow users to borrow funds without collateralization because the lender expects the funds would be returned instantly.
- By taking advantage of the uncollateralized loans, the attackers arbitraged the funds between stablecoins dai and USDC after depositing funds in the Value DeFi's MultiStables vault.
- At press time, the price of the protocol's native token value liquidity plummeted to $1.99, down 27.9% from around $2.76 before the attack, according to data from CoinGecko.
- Flash loan attacks are common in the DeFi sector: Value DeFi's loss came just two days after another DeFi platform Akropolis suffered a similar hack and lost about $2 million in total.
- The team behind Value DeFi did not return CoinDesk's questions by press time.
Muyao Shen
Muyao was a markets reporter at CoinDesk based in Brooklyn, New York. She interned at CoinDesk in 2018 after the initial coin offering (ICO) craze before she moved to Euromoney Institutional Investor, one of Europe's largest business and financial information companies. She graduated from Columbia University Graduate School of Journalism with a focus in business journalism.
