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Scam Alert

QuickSwap Was Scammed For $220,000 And Intends To Shut Down Lending Markets

October 24, 2022 - Around 2 mins mins to read

According to the exchange, $220,000 was stolen from QuickSwap, a decentralized exchange on Polygon.

QuickSwap Was Scammed For $220,000 And Intends To Shut Down Lending Markets
Scammed For $220,000 And Intends To Shut Down Lending Markets

According to QuickSwap, the Market XYZ loan market was the sole platform affected by the attack. PeckShield had first connected the attack to Qi DAO, the company behind the miMatic stablecoin.

The security and analytics company blamed a QuickSwap vulnerability for the hack

QuickSwap Was Scammed For $220,000 And Intends To Shut Down Lending Markets
Scammed For $220,000 And Intends To Shut Down Lending Markets

QuickSwap lend is about to close when the DEX subsequently verified that $220,000 had been misused through flash loans. In the early hours of Monday, an update had been promised, but consumers were forced to wait for information on the problem for about 12 hours.

“It is a price manipulation issue. The miMATIC market uses CurvePoolOracle for price feed, which is manipulated to borrow funds from the market,” PeckShield wrote on Twitter.

Based on PeckShield’s study, it appears the exploit exploited price manipulation to borrow money at a premium. After returning the assets to Ethereum, the exploiter transferred them to Tornado Cash, a mixing service that was the target of U.S. Treasury penalties in August.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

CurvePoolOracle

Dex

Market XYZ loan market

miMATIC

Peckshield

Polygon

QuickSwap

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Scam Alert

QuickSwap Was Scammed For $220,000 And Intends To Shut Down Lending Markets

According to the exchange, $220,000 was stolen from QuickSwap, a decentralized exchange on Polygon.

QuickSwap Was Scammed For $220,000 And Intends To Shut Down Lending Markets
Scammed For $220,000 And Intends To Shut Down Lending Markets

According to QuickSwap, the Market XYZ loan market was the sole platform affected by the attack. PeckShield had first connected the attack to Qi DAO, the company behind the miMatic stablecoin.

The security and analytics company blamed a QuickSwap vulnerability for the hack

QuickSwap Was Scammed For $220,000 And Intends To Shut Down Lending Markets
Scammed For $220,000 And Intends To Shut Down Lending Markets

QuickSwap lend is about to close when the DEX subsequently verified that $220,000 had been misused through flash loans. In the early hours of Monday, an update had been promised, but consumers were forced to wait for information on the problem for about 12 hours.

“It is a price manipulation issue. The miMATIC market uses CurvePoolOracle for price feed, which is manipulated to borrow funds from the market,” PeckShield wrote on Twitter.

Based on PeckShield’s study, it appears the exploit exploited price manipulation to borrow money at a premium. After returning the assets to Ethereum, the exploiter transferred them to Tornado Cash, a mixing service that was the target of U.S. Treasury penalties in August.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

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