DeFi Protocol Akropolis Loses $2M in Flash Loan Attack

DeFi Protocol Akropolis Loses $2M in Flash Loan Attack

By Abhimanyu Krishnan | News | 13 Nov 2020

DeFi Savings protocol Akropolis revealed on Nov. 12 that it had been subject to a flash loan attack, losing over $2 million as a result.

  • The Akropolis team noticed at 14:36 GMT on Nov. 12 that $2 million in DAI had been siphoned out of a Curve and sUSD pool; the attacker(s) have already transferred funds out of the wallet
  • All stablecoin pools have been paused until further investigation and has also informed exchanges
  • The team is looking at ways to reimburse users who have been affected by the wallet, but “in a way that is sustainable to the project”
  • The pool had been audited by two independent firms, but the contractors were not aware of this attack vector
  • Hackers have been exploiting flash loans to hit DeFi protocols; one of the biggest in recent months was the $24 million Harvest Finance hack
  • The bZx protocol has also suffered from a $350,000 flash loan attack -- one of three hacks it has experienced in 2020

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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