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Is It Exploitation Season for DeFi?
Are two recent attacks taking advantage of "flash loans," low liquidity and price oracle issues the first of more to come?
Are two recent attacks taking advantage of "flash loans," low liquidity and price oracle issues the first of more to come?
STORY CONTINUES BELOW
For early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.
Part of what makes decentralized finance, or DeFi, interesting to people is how it takes advantage of open-source protocols to enable types of transactions never before available. The problem, however, is financial structures mean new financial vulnerabilities.
In the last few days, two attacks on bZx have used a similar strategy of manipulating the price of synthetic assets in the context of a new instrument called "flash loans." On this episode, @nlw breaks down exactly:
- How the attacks were carried out
- How the community is responding
- What the larger ramifications for DeFi might be
Find past episodes of The Breakdown on CoinDesk. For early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.
Nathaniel Whittemore
NLW is an independent strategy and communications consultant for leading crypto companies as well as host of The Breakdown – the fastest-growing podcast in crypto. Whittemore has been a VC with Learn Capital, was on the founding team of Change.org, and founded a program design center at his alma mater Northwestern University that helped inspire the largest donation in the school’s history.
