Wrap Finance Loses Nearly $8M in Flash Loan Attack

Wrap Finance Loses Nearly $8M in Flash Loan Attack

By Abhimanyu Krishnan | News | 18 Dec 2020

Lending protocol Wrap Finance has become the latest victim of a flash loan attack, losing approximately $7.7 million on Dec. 18.

  • The attacker siphoned $7.7 million worth of stablecoins, with the team saying there is a plan to recover $5.5 million, which will be distributed to users 
  • The team said they would provide a post-mortem of the attack in the upcoming days
  • DeFiPrime first drew attention to a suspicious transaction, which shows that the attacker used DEXs like Uniswap and dYdX to swap assets
  • The market’s major DEXs have been used to swap stolen assets, which was also done by the attacker who targeted Nexus Mutual’s CEO
  • The recent space of flash loan attacks proves Chainlink co-founder Sergey Nazarov’s remarks that there more attacks will arrive
  • Flash loan victims include Harvest Finance, Balancer Labs, Original Protocol and Akropolis

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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