Polygon-Based Decentralized Exchange Quickswap Loses $220K in Flash Loan Exploit

On Monday, the Polygon-based decentralized speech (dex) Quickswap mislaid $220K successful a flash indebtedness exploit and pursuing the attack, the squad elaborate the Quickswap Lend level volition beryllium terminated.

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

2022 has been rather the twelvemonth for decentralized concern (defi) hacks arsenic billions person been stolen owed to mistakes, flash loans, faulty astute contracts, and unchecked lines of code. On October 24, Quickswap explained that the Market XYZ lending marketplace was compromised for $220,000.

“Quickswap Lend is closing,” the team’s Twitter relationship noted connected Monday. “$220K was exploited successful a flash loans onslaught owed to a vulnerability with the Curve Oracle, which [Market XYZ] was using. Only the Market XYZ lending marketplace was compromised. Quickswap’s contracts are unaffected.”

Quickswap besides added that Qi Dao provided the effect funds for the Market XYZ lending marketplace and stressed that “no idiosyncratic funds were compromised.” The dex is encouraging users with funds deposited connected Market XYZ’s unfastened markets to retreat them instantly arsenic Quickswap Lend volition beryllium sunsetted.

The caller Quickswap onslaught follows the Mango Markets hack and the caller Olympus DAO exploit. Olympus, similar a fig of caller defi projects, got the funds backmost aft the exploit took spot aft bargaining with the hacker. Last week, Bitcoin.com News reported connected the Chainalysis survey that shows crypto hackers person made disconnected with implicit $3 cardinal this twelvemonth from 125 exploits.

In respect to the Quickswap exploit, the blockchain audit and information steadfast Peckshield explained that the vulnerability was discovered connected October 11, 2022. “It is simply a terms manipulation issue,” Peckshield tweeted. “The Mimatic marketplace uses Curvepooloracle for terms feed, which is manipulated to get funds from the market,” the blockchain information analysts from Peckshield added.

Qi Dao, the supplier of the Market XYZ lending market’s effect funds, are the creators of the Mimatic (MAI) stablecoin. Blockchain information and Web3 auditor, Chainsecurity, disclosed the exploit successful the blog station shared by Peckshield aft the hack. Mimatic (MAI) did descent to a debased of $0.9895 connected October 23, according to coingecko.com statistics, but the MAI stablecoin is presently exchanging hands for $0.993 per portion astatine the clip of writing.

What bash you deliberation astir the caller Quickswap exploit? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.