Cryptocurrency borrowing and lending service Akropolis disclosed a “flash loan” attack, hackers have stolen roughly $2 million worth of Dai cryptocurrency.
The attack took place on November 12, in response to the attack the platform halted all the transactions to prevent hackers from stealing further funds.
The company immediately launched an investigation into the incident with the help of two forensics firms. The experts determined that the platform was hit with a “flash loan” attack.
Below the results of the investigation published by the company:
“There exist two bugs related to the Deposit flow:
Below the attack flow:
A Flash loan attack takes place when hackers loan funds from a DeFi platform and bypass the loan mechanism to steal funds using exploits.
Since February, researchers observed a growing number of load attacks, in October, a hacker stole approximately $24 million worth of cryptocurrency assets from decentralized finance service Harvest Finance,
According to the advisory, the stolen funds are currently held in the Ethereum wallet 0x9f26ae5cd245bfeeb5926d61497550f79d9c6c1c.
Akropolis notified major cryptocurrency exchanges about the attack and it is working to freeze the Ethereum account where the funds are stored.
The company announced it is planning to reimburse its users.
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(SecurityAffairs – hacking, Akropolis)