Warp Finance Re-Launches After Successful Reimbursement of Hacked Funds

Warp Finance Re-Launches After Successful Reimbursement of Hacked Funds

Warp Finance, a protocol enabling liquidity provisioning (LP) tokens to be used as collateral for stablecoin loans, is re-launching after a successful recovery and reimbursement of hacked funds. This novel platform was the unfortunate victim of a flash loan attack, an increasingly prevalent problem in the decentralized finance (DeFi) space whereby hackers are able to essentially cheat the protocol and pull large amounts of money out of it. Warp carried out a quick and sweeping […]


Related News

After exploit, Warp Finance compensation plan takes promising strides

In a promising sign for the DeFi space, another project devotes itself to complete user compensation following an exploit In a blog post on Saturday night, Warp Finance — the latest decentralized finance (DeFi) protocol to suffer a smart contract exploit — announced promising strides towards recompensating users following a nearly $8 million flash loan attack. As Cointelegraph reported on Friday, the DeFi protocol, which offers stablecoin loans on liquidity pool token collateral, lost $7.7 million in USDC and DAI when an attacker used multiple flash loans to create liquidity pool tokens,....

Warp Finance adds Chainlink oracles to protect against flash loans

Warp Finance's hack of $8 million could have been prevented with better oracles, the team says. Warp Finance, a DeFi lending protocol that suffered an $8 million flash loan exploit shortly after release, is now gearing up for a relaunch that will include an integration with oracles by Chainlink.The inclusion of Chainlink oracles reportedly serves as protection against similar exploits. Flash loan exploits use a feature that allows borrowing an unlimited amount of funds, as long as it is also returned within the same Ethereum block. According to the team, security experts determined that....

Warp Finance reportedly loses up to $8M in flash loan attack

The latest DeFi incursion involves flash loans ... again. DeFi lending protocol Warp Finance has reportedly suffered a flash loan attack resulting in the loss of as much as $8 million in digital assets.Reports are coming in that an attacker has made off with between $1 million, to as much as $8 million according to DeFi Prime. The losses follow a series of flash loans that have exploited vulnerabilities in the Warp Finance protocol.Warp Finance is a new DeFi platform announced in early November that enables users to deposit liquidity provider (LP) tokens from other protocols and receive....

Coinbase Restores KeyVendor Bot’s Bitcoin Following a Glitch

KeyVendor, a Steam Bitcoin to keys exchange bot is back to normal after Coinbase restored access to its disappeared Bitcoin funds following a glitch. The Steam CS:GO community is a happy lot after the funds that were thought to be stolen from a Steam Bitcoin trader bot, Keyvendor.net was recovered. KeyVendor, a Steam bot allows people to buy Steam CounterStrike: Global Offensive keys for Bitcoin. The owner of KeyVendor announced last week that over $15,000 in funds were stolen from the bot’s associated Coinbase account. Following the announcement, the Steam community expected the worst. In....

Defi Protocol Harvest Finance Hacked for $24 Million, Attacker Returns $2.5 M...

Decentralized finance (defi protocol) Harvest Finance was hacked on Monday for $24 million. The attacker targeted the protocol’s liquidity pools, performing an arbitrage attack using a large flash loan – a type of uncollatarized loan – but later returned $2.5 million. In seven minutes, the hack was complete. Harvest Finance revealed that the hacker “manipulated prices on one money lego (curve y pool) to drain another money lego [farm USDT (fUSDT), farm USDC (fUSDC)], many times. The attacker then converted the funds to renBTC and exited to bitcoin.” RenBTC is....