DeFi lending bZx platform was attacked twice in a row for three days, losing $ 645,000 in ETH
The bZx decentralized financial lending protocol was once again attacked. The total damage is expected to be 2,388 Ether, equivalent to $ 645,000. bZx is currently the world’s 7th largest Defi platform, with a total of $ 15.5 million in jail in the system, according to data from DeFi Pulse.
We have hit the pause button on the protocol again in light of suspicious transactions using flash loans and trading on Synthetix.
— bZx (@bzxHQ) February 18, 2020
BZx platform was attacked twice in a row for three days
BZx co-founder Kyle Kistner said:
“The attack this time is an oracle manipulation attack. We will quickly rebalance the system like what we did last time.”
Earlier today (February 18), bZx posted an announcement of the attack, with a published loss of 1193 ETH, currently worth $ 298,000.
Three days ago, this platform was also attacked. While actual estimates are unclear, Kistner said via his Telegram channel that the hacked contracts had been delayed. However, there are no “lending types” among them.
bZx also consulted several security advisors on the issue and reported in the previous attack that “we are working on details to address the issue. The remaining money in the system will still be safe.”
According to data from DeFi Pulse, 3,3000 ETH (approximately $ 1 million) left the bZx platform in 24 hours. Some researchers predict the total damage from the teleport could reach $ 350,000 in the form of ETH.
The flaw in the DeFi platform?
Previous mining of Flash Flash loans has been made on its Fulcrum platform and is estimated to have damaged approximately 2% of the platform’s total assets under management (AUM). Attackers exploited flash loans and used another popular DeFi platform, Compound.
From what I can tell, it was some type of manipulation of sUSD via kyber. Looks like the eth was sold for sUSD over and over and over then rebought and had a profit after loan (7500 eth) was repaid.
— eric.eth (@econoar) February 18, 2020
Reports of new attacks on the DeFi platform came after publishing a detailed article on Post Post-Mortem of the first attack this morning. Kistner also ensures that all platform user funds are secure.
After the first attack, the platform also decided to integrate Chainlink’s solutions to mark suspicious transactions, and after the second attack, the process was conducted.
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