Quickswap to close lending market following $220K exploit

Decentralized speech QuickSwap said that it volition adjacent its lending excavation aft Market XYZ was exploited successful a flash loan.

In the aboriginal hours of Oct. 24, blockchain information steadfast PeckShield flagged a flash indebtedness onslaught against Market XYZ, a lending excavation connected QuickSwap.

The attacker manipulated the miMATIC terms connected Curve Oracle to get immoderate $220,000, which was deposited by Qi Dao.

As a effect of the exploit, QuickSwap has announced plans to adjacent the Market XYZ lending pool.

2/ @QiDaoProtocol provided the effect funds for this market. No idiosyncratic funds were compromised

We are encouraging users with funds deposited successful Market xyz’s unfastened markets connected QuickSwap to retreat them now, arsenic we are successful the process of closing them down

— QuickSwap (@QuickswapDEX) October 24, 2022

QuickSwap and Qi Dao, however, stated that vulnerability exploit did not impact their astute contract.

Hacking October

Black chapeau hackers person had a termination exploiting crypto protocols since the commencement of October.

A caller Chainalysis report noted that DeFi protocols mislaid astir $718 cardinal successful the archetypal 2 weeks of October, with 4 hacks happening connected Oct. 11.

One of the important Oct. 11 hacks was the Mango market exploit which saw the protocol suffer implicit $100 million.  The hacker reportedly doxxed himself and has returned the stolen funds.

By the 3rd week of October, Multichain wallet Bitkeep reportedly lost $1 million to a swap exploit. Bitkeep has promised to compensate each victims of the exploit.

The fourth-week hacking grounds has been opened with QuickSwap’s $200,000 loss.

The station Quickswap to adjacent lending marketplace pursuing $220K exploit appeared archetypal connected CryptoSlate.