ME News reports that on September 16 (UTC+8), according to Blockaid monitoring, Flamingo Finance suffered an attack. The attacker borrowed approximately $18 million in USDT via a Morpho flash loan, deposited Curve USDP LP into the Strategy to inflate the price of VaultYUSDT shares, and then redeemed the liquidity as aUSDT. The attacker has now realized a profit of approximately $345,900 in USDT. (Source: ChainCatcher)
Flamingo Finance Hacked, Attacker Earns $345,900 in Profits
KuCoinFlashShare
Summary
Flamingo Finance suffered a security breach on September 16 (UTC+8), during which the attacker used a Morpho flash loan to borrow approximately $18 million in USDT. The attacker deposited Curve USDP LP into a strategy to manipulate VaultYUSDT share prices and then redeemed liquidity for aUSDT. The exploit yielded the attacker approximately $345,900 in profits. Liquidity vulnerabilities remain a key concern for altcoins to monitor in the DeFi space.
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