Cyber-thieves Hit DeFi Platform Again

InfoSecurity Magazine -

Cyber-thieves Hit DeFi Platform Again

A lending-focused decentralized finance platform has lost millions of dollars’ worth of AMP tokens and crypto-currency after falling victim to a second flash loan attack.

In a flash loan attack, a cyber-thief takes out a loan that requires no collateral – a flash loan – and uses it to manipulate and exploit the markets for financial gain. The criminal uses the capital that they’ve borrowed and pays it back in the same transaction.  

Cyber-thieves drained DeFi protocols Cream Finance and Alpha Finance of funds totaling $37.5m back in February. Now Cream Finance has lost millions of AMP tokens and more than a thousand ether worth over $25m in a similar smart-contract exploit. 

The latest flash loan attack was first reported by PeckShield on social media on Monday. Researchers at the blockchain security firm became suspicious when they came across Ethereum (ETH) records revealing that at least $6m had been drained at 5:44 UTC.

The theft was confirmed by

The article Cyber-thieves Hit DeFi Platform Again was originally published at InfoSecurity.

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