Quickswap to close lending market following $220K exploit

Decentralized change QuickSwap mentioned that it’s going to shut its lending pool after Market XYZ was exploited in a flash mortgage assault.

Within the early hours of Oct. 24, blockchain safety agency PeckShield flagged a flash mortgage assault towards Market XYZ, a lending pool on QuickSwap.

The attacker manipulated the miMATIC value on Curve Oracle to borrow some $220,000, which was deposited by Qi Dao.

On account of the exploit, QuickSwap has introduced plans to shut the Market XYZ lending pool.

QuickSwap and Qi Dao, nevertheless, said that vulnerability exploit didn’t have an effect on their sensible contract.

Hacking October

Black hat hackers have had a kill exploiting crypto protocols because the begin of October.

A current Chainalysis report famous that DeFi protocols misplaced about $718 million within the first two weeks of October, with 4 hacks taking place on Oct. 11.

One of many vital Oct. 11 hacks was the Mango market exploit which noticed the protocol lose over $100 million.  The hacker reportedly doxxed himself and has returned the stolen funds.

By the third week of October, Multichain pockets Bitkeep reportedly misplaced $1 million to a swap exploit. Bitkeep has promised to compensate all victims of the exploit.

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

Posted In: Hacks, Buying and selling

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