DeFi Value lost $6 million of crypto
The DeFi Value protocol was attacked on the morning of November 14 and lost $6 million worth of crypto assets. Presumably, the attack used a popular DeFi tool – fast credits.
How DeFi Value lost $6 million
According to a Twitter entry DeFi Value project, “complex attack” on the MultiStables repository led to a net loss of $6 million. According to Etherscan, a hack is an attack using fast credits. Before the attack, the attacker took a loan of 80 000 ETH on another DeFi platform – Aave.
Fast credits allow users to borrow money without collateral, provided that it is quickly returned. Using unsecured loans, the attackers conducted arbitrage transactions in the DAI and USDC stealthcoins after depositing assets in the MultiStables vault.
According to CoinGecko, in the last 24 hours, the price of Value Liquidity (VALUE) token has decreased by 22.4%, to $2.08. A few days ago, another DeFi Akropolis project was attacked, as a result of which hackers were able to withdraw $2 million in DAI-stablecoins. At the time of the hack, the attackers also took advantage of fast loans.
Recently, analysts from CipherTrace company noted that the number of crimes in the DeFi industry has increased significantly over the past year.