Fun

Hackers Drain $2 Million in DAI From Defi Protocol Akropolis

News Feed - 2020-11-13 11:11:59

Hackers Drain $2 Million in DAI From Defi Protocol Akropolis


Decentralized finance (defi) protocol Akropolis was on Thursday hacked for $2 million in DAI, in the latest flash loan attack to hit the nascent defi industry.


The attacker pilfered the platform’s Ycurve pool in batches of $50,000 in the stablecoin DAI. This particular pool allows investors to trade stablecoins and earn interest.


In a statement on Nov. 12, Akropolis revealed that the hack was executed across a body of smart contracts in its “savings pools”.


“At ~14:36 GMT we noticed a discrepancy in the APYs of our stablecoin pools and identified that ~2.0mn DAI had been drained out of the Ycurve and sUSD pools,” it said.


The pools are said to have been audited by two firms, but the hacker still found loopholes to exploit, wiring his loot to this address. Akropolis explained: The attack vectors used in the exploit were not identified in either audit. The essence of the exploit in question is a combination of a re-entrancy attack with Dydx flash loan origination.


Others pools were not affected. These include compound DAI, compound USDC, AAVE sUSD, AAVE bUSD, curve bUSD, curve sBTC, it stated. Native AKRO and ADEL staking pools were also left untouched.


Akropolis is a defi lending and savings protocol. Users can take out loans, and they can also earn interest on crypto deposits.


The Akropolis team said it is looking at ways to reimburse affected users “in a way that is sustainable for the project”. All stablecoin pools have been halted for now, it added.


In October, another defi project Harvest Finance was hacked for $24 million. The attacker targeted the protocol’s liquidity pools, performing an arbitrage attack using a large flash loan – a type of uncollatarized loan.


What do you think about the Akropolis hack? Let us know in the comments section below. Bitpay Launches New Payroll Service for Companies That Opt to Pay Employees in Crypto NEWS | 6 hours ago Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments NEWS | 1 day ago Tags in this story Akropolis, Decentralized finance (Defi), Defi protocol hacked, Flash loan, Harvest Finance, Ycurve


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Getting In and Out of the Cryptocurrency Economy Can Be Costly
Getting In and Out of the Cryptocurrency Economy Can Be Costly Since bitcoin and digital currencies have become popular, fiat on and off-ramps have sprung up that allow investors
Binance and Huobi Freeze $1.4 Million in Crypto Linked to North Korea
Binance and Huobi Freeze $1.4 Million in Crypto Linked to North Korea Crypto exchanges Binance and Huobi have frozen cryptocurrencies worth approximately $1.4 million linked to Nor
Bitrue Aims to Democratize Token Listing Rights by Opening Voting Power to Users
Bitrue Aims to Democratize Token Listing Rights by Opening Voting Power to Users Digital asset exchange Bitrue is seeking to engage its user community directly b
Bitcoin Whales Grow After Price Bottoms, Analyst Says ‘Coins Are Moving to Very Strong Holders’
Bitcoin Whales Grow After Price Bottoms, Analyst Says "Coins Are Moving to Very Strong Holders" While the price of bitcoin has been consolidating just above the
Adobe rival Procreate bets against gen AI to support human creativity
Pradipta Mukherjee12 hours agoAdobe rival Procreate bets against gen AI to support human creativityIn stark contrast to mainstream competitors, Procreate has said it would not use generative AI features in its products t
Golden State Warriors Point Guard Stephen Curry Asks for Advice About Cryptocurrencies
Golden State Warriors Point Guard Stephen Curry Asks for Advice About Cryptocurrencies The popular Golden State Warriors point guard, Stephen Curry, asked his 15.5 million follower
Microstrategy CEO on Mainstream Bitcoin Adoption: ‘I See Evidence of a Lot More Institutional Adoption’
Microstrategy CEO on Mainstream Bitcoin Adoption: "I See Evidence of a Lot More Institutional Adoption" The Nasdaq-listed company Microstrategy sees “evidence of a lot more
Marcel Pechman7 hours agoBinance drops majority of USD Coin reserves — Latest USDC newsThis week’s episode of The Market Report explores the reasons why Binance let go of a majority of its USDC reserves and what it r
BODEN memecoins briefly spike after Hunter Biden guilty verdit
Jesse Coghlan8 hours agoBODEN memecoins briefly spike after Hunter Biden guilty verditMisspelled memecoins referencing the U.S. first family surged after President Biden’s son was convicted of lying about being a drug
SEC vs. Binance: Court rules BNB sales, cryptocurrencies not securities
Zoltan Vardai12 hours agoSEC vs. Binance: Court rules BNB sales, cryptocurrencies not securitiesIn a major win for the crypto industry, a federal court ruled that cryptocurrency tokens themselves are not securities.2606
Power Utility Sues Russians Mining Cryptocurrency at Their Homes, Raises Electricity Rates
Power Utility Sues Russians Mining Cryptocurrency at Their Homes, Raises Electricity Rates A Russian power utility has found a way to increase electricity prices for consumers mini
Ethereum Holds Above Key Prices – Data Points To $2,900 Level As Bullish Trigger
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu