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Hackers stole $ 6 million from the Value DeFi protocol

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ValueDefi Hacked $6M Via their New MultiStables Vault | Which is more Secure Defi or Cefi ?

Hackers stole $ 6 million from the Value DeFi protocol

Hackers stole $ 6 million from the Value DeFi protocol
CONTENT

  • Another DeFi protocol fell victim to a hacker attack

  • Hackers Use Flash Loan Scheme to Withdraw $ 6M from Value DeFi

  • The project token has fallen in price by 25%

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Attackers have used a standard flash credit scheme to take Value DeFi out of the decentralized finance protocolDecentralized finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and … More $ 6M

Hackers stole $ 6 million from the Value DeFi protocol

On Saturday, November 14, one of the Value DeFi lucrative farming protocol repositories was hacked, resulting in the loss of $ 6 million in user funds. Two days earlier, the Akropolis protocol fell victim to hackers.

The hackers took advantage of the flash credit technology, which had already been repeatedly tested on other DeFi protocols. The Value DeFi team reported the incident on their twitter. The team promised to investigate the incident and write a detailed report on the results of the investigation. At the time of this writing, no additional information has appeared.

The MultiStables vault was the subject of a complex attack that resulted in a net loss of $ 6M. https://t.co/dnFRa5yPBJ
We are currently working on a postmortem and are exploring ways to mitigate the impact on our users.

– Value DeFi Protocol (@value_defi) November 14, 2020

How it was

At about 10:45 am ET (6:45 pm Moscow time), an unknown user took out a flash loan of 80,000 ETH (over $ 36 million) through Aave, while protocol developer Emilio Frangela immediately drew attention to the suspicious transaction.

Hackers stole $ 6 million from the Value DeFi protocol

Then the hacker raised another $ 116 million in DAI tokens through flash loans on Uniswap.

According to DeFi Italy co-founder Emiliano Boassi, who calls himself a white hacker, the attacker transferred the ETH borrowed into stablecoins, and sent part of the DAI received from Uniswap to the Value DeFi storage. He then conducted a series of exchanges between USDT, USDC and DAI and pulled the money out of the protocol by exploiting a vulnerability in the pricing methodology..

Before hiding with the money, the hacker decided to return the developers $ 2 million. All transfers of funds can be viewed via Etherscan.

Approximately the same technology was used by hackers who stole about $ 23 million from the Harvest Finance protocol at the end of October. However, according to Bonassi, Value DeFi has come under a conceptually more sophisticated attack..

“This is one of the most complicated schemes I’ve ever seen. Hackers used TWO FLASH CREDITS from two different protocols (80,000 ETH on Aave and 116 million DAI on Uniswap “.

About the loudest scandals in the decentralized finance segment from our article.

Bad joke

Two days before the hack, the Value DeFi team boasted on Twitter that their multi-stablecoin vault is as secure as possible against flash credit attacks and represents the most advanced technology in the entire DeFi industry. Subsequently, the developers deleted this tweet, but some members of the crypto community still managed to make a screen.

Token $ VALUE collapsed by 25%

Hackers stole $ 6 million from the Value DeFi protocol

At the time of this writing, as the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More Value DeFi is trading at $ 2. In a few hours, the asset fell by more than 25%. Over $ 3M worth of tokens are still blocked in the compromised vault, according to data provided on the protocol website..

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