Value DeFi Suffers $6M Flash Loan Attack

The OUSD stablecoin issuer, Origin Protocol is the latest Defi protocol to fall victim to a flash loan attack. The attack, which occurred in the early hours of Tuesday, on November 17, resulted in the disappearance of tokens worth millions of dollars. Confirming the attack, one of the project’s leaders say they are now working with exchanges in order to identify the attacker, as well as to freeze the tokens before they are liquidated. Funds Located The Origin Protocol attack follows a similar incident at Value Defi on November 14 where the criminals stole $6 million worth of tokens.....

A decentralized finance (defi) protocol that bragged about having flash loan attack prevention has been exploited for $6 million in DAI, in a flash loan attack. Value Defi, a yield aggregating protocol, boasted of having the “highest security” in a Nov. 13 tweet that now appears to have been deleted. The protocol claimed that its technology was capable of preventing flash loan attacks. Hardly a day later, hackers plundered Value Defi’s multi-stablecoin vault of a total of $8 million of the stablecoin DAI. The attacker returned $2 million to the protocol and pocketed $6....

Another Binance Smart Chain project has been hit with a flash loan attack according to a post mortem written by the Burgerswap team. The project’s official Twitter account said at around 3 a.m. on Friday, Burgerswap suffered from a flash loan attack with the hackers stealing $7.2 million in funds. Binance Smart Chain Defi Protocol Burgerswap Drained for $7.2M The Burgerswap project explained on Friday that the project saw $7.2 million in funds drained after a malicious flash loan attack. “At around 3 am on May 28th (UTC+8) Burgerswap on the BSC chain encountered a flash loan....

After a boast about the protocol's resiliency, Value DeFi loses $6 million to flash loan exploit. Following a Twitter thread on Friday that highlighted the decentralized finance protocol’s flash loan exploit prevention methodology, Value DeFi appears to have been the victim of a $6 million flash loan exploit. At roughly 10:45 AM EST, a user took out a flashloan of 80,000 ETH (over $36 million) from lending protocol Aave. Aave developer Emilio Frangella immediately called attention to the loan:80.000 eth flashloan on @AaveAave https://t.co/ngnHIoNKpi— Emilio Frangella (@The3D_)....

Flash loans allow users to borrow a high amount of assets without having to provide any upfront collateral, this is often used by miscreants to launch attacks on DeFi protocols. New Free DAO, a decentralized finance (DeFi) protocol, faced a series of flash loan attacks on Sept. 8, resulting in a reported loss of $1.25 million. The price of the native token has dropped by 99% in the wake of the attack.Unlike normal loans, several DeFi protocols offer flash loans that allow users to borrow large amounts of assets without upfront collateral deposits. The only condition is that the loan must....