Polygon-Based Decentralized Exchange Quickswap Loses $220K in Flash Loan Exploit – Defi Bitcoin News

On Monday, the Polygon-based decentralized change (dex) Quickswap misplaced $220K in a flash mortgage exploit and following the assault, the staff detailed the Quickswap Lend platform will probably be terminated.

Quickswap Hacked for $220K, Dex Mission Sunsets Lending Platform

2022 has been fairly the yr for decentralized finance (defi) hacks as billions have been stolen on account of errors, flash loans, defective sensible contracts, and unchecked traces of code. On October 24, Quickswap explained that the Market XYZ lending market was compromised for $220,000.

“Quickswap Lend is closing,” the staff’s Twitter account famous on Monday. “$220K was exploited in a flash loans attack due to a vulnerability with the Curve Oracle, which [Market XYZ] was using. Only the Market XYZ lending market was compromised. Quickswap’s contracts are unaffected.”

Quickswap additionally added that Qi Dao supplied the seed funds for the Market XYZ lending market and harassed that “no user funds were compromised.” The dex is encouraging customers with funds deposited on Market XYZ’s open markets to withdraw them instantly as Quickswap Lend will probably be sunsetted.

The current Quickswap assault follows the Mango Markets hack and the current Olympus DAO exploit. Olympus, like a variety of current defi tasks, bought the funds again after the exploit befell after bargaining with the hacker. Final week, Bitcoin.com News reported on the Chainalysis research that reveals crypto hackers have made off with over $3 billion this yr from 125 exploits.

In regard to the Quickswap exploit, the blockchain audit and safety agency Peckshield explained that the vulnerability was found on October 11, 2022. “It is a price manipulation issue,” Peckshield tweeted. “The Mimatic market uses Curvepooloracle for price feed, which is manipulated to borrow funds from the market,” the blockchain safety analysts from Peckshield added.

Qi Dao, the supplier of the Market XYZ lending market’s seed funds, are the creators of the Mimatic (MAI) stablecoin. Blockchain safety and Web3 auditor, Chainsecurity, disclosed the exploit within the weblog submit shared by Peckshield after the hack. Mimatic (MAI) did slide to a low of $0.9895 on October 23, based on coingecko.com statistics, however the MAI stablecoin is presently exchanging arms for $0.993 per unit on the time of writing.

Tags on this story

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com News in regards to the disruptive protocols rising in the present day.

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