Polygon-Based Decentralized Exchange Quickswap Loses $220K in Flash Loan Exploit
On Monday, the Polygon-based decentralized exchange (dex) Quickswap lost $220K in a flash loan exploit and following the attack, the team detailed the Quickswap Lend platform will be terminated. Quickswap Hacked for $220K, Dex Project Sunsets Lending Platform 2022 has been quite the year for decentralized finance (defi) hacks as billions have been stolen due to mistakes, flash loans, faulty smart contracts, and unchecked lines of code. On October 24, Quickswap explained that the Market XYZ lending market was compromised for $220,000. “Quickswap Lend is closing,” the team’s Twitter account....
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Malicious actors continue to target decentralized finance projects for their exploits. On Wednesday, a major DeFi lending platform suffered a flash loan attack. Decentralized lending platform Cream Finance appears to have suffered a severe exploit on Wednesday, with an attacker stealing over $100 million worth of funds through a large flash loan attack. Blockchain data analytics company PeckShield first identified the flash loan on Wednesday. The compromised funds were mainly Cream liquidity provider tokens, as well as other Ethereum-based tokens.#FlashLoanAlert....
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QuickSwap is quickly become the go-to DEX for trading Ethereum tokens off-chain, with its liquidity quadrupling since late February. Polygon-based DEX QuickSwap has attracted more than $105 million in worth of liquidity since the start of 2021.The Uniswap clone began the year with only $300,000 worth of assets locked in its protocol, with more than three quarters of the exchange’s total value locked being added in the past fortnight.QuickSwap is currently the leading second-layer decentralized exchange by daily volume with $38.5 million worth of trades over the past 24 hours. The....