QuickSwap Closes Lending Service After Exploit

The worst month ever in the history of cryptocurrency for attacks and exploits was October.

Following a flash loans hack for more than $220,000 worth of tokens on Monday, QuickSwap, a decentralised financial firm located in Polygon, shut down its lending services for consumers.

Blockchain data reveals the attackers utilised inflated token prices as collateral to drain all liquidity from the impacted QuickSwap pool after manipulating token prices by borrowing money using a flash loan, a kind of unsecured lending. On Monday afternoon, stolen tokens including MATIC, Lido’s LDO, and staked MATIC were traded for other tokens on the private market Tornado Cash, according to statistics.

“QuickSwap Lend is closing,” the company said in a tweet. “$220k was exploited in a flash loans attack due to a vulnerability with the Curve Oracle, which @marketxyz was using.”

Some decentralised finance (DeFi) networks provide flash loans, which don’t need borrowers to deposit collateral as long as the loan is repaid in the same transaction.

Initially, QuickSwap blamed the exploit on a Market XYZ platform flaw, alleging that it employed inaccurate oracles from the DeFi protocol Curve and stablecoin issuer QiDao. Any blockchain network may get data from other sources thanks to services called oracles. The vulnerability, according to QiDao, is unconnected to its smart contracts.
Even though QuickSwap had promised to issue an update on the exploit on Monday, as of Tuesday’s deadline for this article, no new details had been provided.

The assault is the most recent in a slew of vulnerabilities that have been discovered this month, which is already the worst month ever for cryptocurrency attacks.

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