DeFi Platform bZx Attacked Again, 2388 ETH Siphoned by Hacker | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Decentralized Finance (DeFi) lending platform bZx has reportedly suffered another attack with the hacker making off with a profit of 2,378 ETH (about $645,000).
bZx Hits Pause Following Suspected Attack
In a tweet published on Tuesday (February 18, 2020), bZx acknowledged suspicious transactions involving flash loans. The suspected attack comes only days after a similar exploit saw a rogue agent making off with $350,000.
We have hit the pause button on the protocol again in light of suspicious transactions using flash loans and trading on Synthetix.
— bZx (@bzxHQ) February 18, 2020
While the previous attack involved shorting of wrapped Bitcoin (WBTC), the latest exploit used a flash loan to manipulate the price of sUSD on the Synthetix trading platform. Below is a summary of the attack as provided by a crypto analyst on Twitter:
- Attacker borrowed 7,500 ETH — flash loan
- The attacker then used 3,518 ETH to purchase sUSD at $1 per sUSD ‘coin’
- Deposited the 3,518 ETH worth of sUSD into bZx as collateral
- Of the remaining 3, 982 ETH from the original flash loan, the attacker placed 900 ETH placed an sUSD buy order on Kyber, manipulating its price to above $2,