The attacker withdrew $ 350,000 from the bZx DeFi platform, spending less than $ 9 on commissions



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The attacker withdrew $ 350,000 from the bZx DeFi platform, spending less than $ 9 on commissions

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The bZx platform lost $ 350,000 or about 2% of the total assets under management due to the actions of an attacker who used various DeFi protocols to implement his plan. It is reported by CoinDesk.

During the attack, the project team participated in the ETHDenver hackathon. Shortly after identifying problems and the subsequent closure of the Fulcrum trading platform, the company confirmed its intention to compensate users for losses.

1 / Due to the complexity of the transaction, providing a comprehensive accounting of the losses will require additional time. This was not a simple Uniswap attack, and we do not use Uniswap as an oracle.

Tim Ogilvy, head of Staked’s bZx startup, said the attack was made possible by an attacker using so-called instant loans. This new financial service involves the receipt and repayment of credit in a short period of time, for which, as it turned out, you can carry out manipulations.

According to Ogilvy, the attacker received a flash loan of 10,000 ETH, worth about $ 2.67 million. After that, he divided the funds by sending 5000 ETH to Compound, and the other half to bZx.

Then the attacker opened a short position on Wrapped Bitcoin (WBTC) using bZx and almost immediately took 112 WBTC (about $ 1.1 million) on the Compound service, which he then sold on the non-custodian exchange Uniswap.

Ogilvy emphasized that selling WBTC with Uniswap put pressure on the price of this Ethereum token, making the short position extremely profitable.

“There are big risks. This is a new area, it is developing rapidly and this means that some things can break, ”said the head of Staked.

According to Trustnodes, the commission costs for the entire complex of operations with tokens cost the attacker only $ 8.71.

Previously, developers of the largest DeFi platform MakerDAO fixed a critical vulnerability in updating the protocol, which could lead to the loss of 10% of the total collateral funds of users of the DAI token.

The attacker withdrew $ 350,000 from the bZx DeFi platform, spending less than $ 9 on commissions



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