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Detail Analysis

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Date:

Status:

Count:

Contributor:

December 18, 2020

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Verified

1

zerofriction.io

Loss Amount:

7,800,000

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Recovered Amount:

-

Currency:

Dollars, ETH/DAI-LP

KYC By:

Audit By:

None

None

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Key Indicators

Platform:

Type:

Category:

Method:

Ethereum

Protocol

Dexes

Flash Loans

Extended Method:

Flash loan attack, oracle manipulation

Data Sources:

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DeFi portal DefiPrime, the project is a decentralized lending platform that allows users to deposit Liquidity Provider (LP) tokens—issued to users who provide liquidity on decentralized exchanges like Uniswap—and take out stablecoin loans (against the LP tokens as collateral). said on Twitter on December 18th, the liquidity LP token mortgage loan DeFi agreement Warp Finance suffered a lightning loan attack and about 8 million US dollars were stolen. In addition, Warp Finance officials also tweeted that they are investigating illegal stablecoin loans that were lent in the last hour, and recommend not to deposit stablecoins until the official finds out the violation.Afterwards, Warp Finance issued a statement regarding the lightning loan attack. It is said that lightning loan attackers can steal up to US$7.7 million worth of stablecoins, but the Warp Finance team has formulated a plan to recover approximately US$5.5 million worth of stablecoins still in the mortgage vault. The US$5.5 million will be distributed as appropriate to address the loss. Apart from victims, Warp said it would also compensate users who deposited liquidity tokens after the attack and endured a loss. And as an additional gesture, the project added it would issue a “Portal IOU” token in the coming days to fully make up for the victims’ losses (and potentially even make a profit).

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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.