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DeFi Yield Farming Aggregator ApeRocket Suffers $1.26M 'Flash Loan' Attack
The attacks occurred on ApeRocket's Binance Smart Chain and Polygon networks within a few hours of each other on Wednesday.
ApeRocket, a decentralized finance (DeFi) yield farming aggregator, has suffered two flash loan attacks costing users $1.26 million.
STORY CONTINUES BELOW
- The attacks occurred on ApeRocket's Binance Smart Chain and its Polygon fork within a few hours of each other on Wednesday, according to a blog announcement.
- The two hacks were carried out in Aave and PancakeSwap and amounted to a combined $1.26 million.
- In both cases, substantial funds were borrowed in AAVE and CAKE, meaning the hacker held over 99% of the funds in the two protocol's vaults. Large amounts of money were then sent to the vault contract leading to the minting of a high number of tokens, which the hacker then dumped.
- The price of ApeRocket's SPACE token crashed by around 63% as a result. No further SPACE tokens will be minted in the meantime while ApeRocket sets about compensating investors for the incident.
- Yield farming refers to a process by which individuals can earn interest or rewards on crypto deposits they make with lenders. DeFi apps allow users to make financial transactions without going through a traditional intermediary like a bank.
Here is an official statement about the attack and our plans moving forward.
— ApeRocket 🚀 (@ApeRocketFi) July 14, 2021
We will provide more details about the procedure at the end of the week.
Again, sorry about all of this.https://t.co/CF5OO8UFwe
Read more: Flash Loan Attack Causes DeFi Token Bunny to Crash Over 95%
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
