WOOFi offers 10% bounty in race to recover $8 million stolen in flash loan exploit

The full worth of assets locked connected the decentralized exchange (DEX) WOOFi plunged by astir 20% to $45 cardinal aft it confirmed it was exploited via a flashloan attack.

The hack

Earlier today, WOOFi detailed however it fell unfortunate to a hacking occurrence wrong 13 minutes.

The task explained that a hacker diligently manipulated its Synthetic Proactive Market Making (sPMM) algorithm by orchestrating a bid of flash loans.

Leveraging the platform’s debased liquidity, the hacker importantly disrupted the terms of the WOO token by borrowing astir 7.7 cardinal WOO tokens alongside different assets and dumped them connected the platform.

This maneuver triggered an erroneous valuation of the project’s autochthonal token, WOO, plummeting its terms astir to zero.

Exploiting this pricing anomaly, the attacker swiftly exchanged 10 cardinal WOO tokens astatine minimal costs and repeated this process 3 times to accrue important illicit profits of $8.75 million.

WOOFi said its transaction monitoring system, alongside different vigilant information teams wrong the crypto community, promptly detected this anomaly. Consequently, the platform’s Swap’s astute contracts were swiftly suspended to mitigate further losses and instigate a broad investigation.

Recovery efforts

WOOFi has disclosed ongoing efforts to reclaim the stolen funds from the hacker. The task has announced a 10% bounty inducement for the hacker, should they run arsenic a white hat.

Meanwhile, the task stated that different WOOFi contracts, including WOOFi Stake, Earn, and Pro, were unaffected and stay afloat functional.

In addition, WOOFi is actively soliciting further details regarding the exploit, offering a bounty done Arkham Intelligence for individuals who furnish pertinent information.

“We purpose to person WOOFi Swap afloat functional again wrong the adjacent 2 weeks. This is the archetypal clip an incidental similar this has happened to us, and we privation to marque definite it doesn’t hap again,” It added.

Following the incident, WOO is down 10% and trades astatine $0.5315 arsenic of property time.

The station WOOFi offers 10% bounty successful contention to retrieve $8 cardinal stolen successful flash indebtedness exploit appeared archetypal connected CryptoSlate.