Omni, an NFT lending platform, had 1,300 ETH ($1.43 million USD) wiped out in a flash-loan attack on July 10.
According to security firm PeckShield, on July 10, an attacker used a flash loan mechanism to withdraw money from Omni’s NFT lending contract. After borrowing large amounts of NFTs, hacker used them to manipulate and profit from arbitrage.
Omni is an NFT staking platform, usually for popular NFT collectors like Bored Ape Yacht Club, for tokens like Ether (ETH). Yajin Zhou, CEO of blockchain security firm BlockSec, explained the attack process.
The attack caused more than 1,300 WETH (equivalent to 1.4 million USD) damage to this NFT lending platform. The protocol asserts that the crash did not affect any client funds as only internal testing funds suffered losses and the platform is still in beta testing.
Immediately after the attack, Omni halted the protocol to allow more time to investigate. Data from Etherscan shows that the attacker laundered the stolen funds through the Tornado Cash trading mixer.
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