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.

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 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.

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