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Detail Analysis

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Date:

Status:

Count:

Contributor:

November 26, 2020

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Verified

3

zerofriction.io

Loss Amount:

-

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Recovered Amount:

-

Currency:

Dollars

KYC By:

Audit By:

None

DefiSafety

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Key Indicators

Platform:

Type:

Category:

Method:

Ethereum

Protocol

Lending

Contract Vulnerabilities

Extended Method:

Oracle manipulation

Data Sources:

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Compound's price feed error caused the liquidation of $90 million in assets. An apparent error or malicious attack to the Dai-dollar-peg data supplied by the Coinbase oracle pushed the price of the stablecoin to about $1.30 – a premium of 30% – leaving some users on Compound under-collateralized. According to DeBank founder hongbo, the huge liquidation of Compound was caused by the dramatic fluctuations in the DAI price of the oracle information source Coinbase Pro. It is a typical oracle attack to manipulate the information source that the oracle relies on to perform short-term price manipulation to achieve misleading prices on the chain.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.