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Polygon-based decentralized trading platform loses $220,000 after tapping it with a quick loan

Polygon-based decentralized trading platform loses $220,000 after tapping it with a quick loan

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Answer Polygon-based decentralized trading platform loses $220,000 after tapping it with a quick loan

2022 was the year of security breaches, with billions stolen due to bugs, fast loans, buggy smart contracts, and decentralized lines of code.

On October 24, decentralized trading platform Quickswap reported that the XYZ lending market was at risk, losing $220,000.

The team’s account indicated Twitter On Monday, he indicated that Quickswap’s lending feature will be shutting down, adding:

The platform was exploited and $220,000 stolen through a quick loan attack due to a vulnerability in Curve Oracle, which was [Market XYZ] you use.

Only Market XYZ lending has been hacked.

Read:Hong Kong Financial Supervisory Authority’s Proposal to Restrict Cryptocurrency Trading

Quickswap contracts will not be affected.

Quickswap’s governance organization has emphasized that users’ funds are not compromised.

She urged users who have funds deposited in the open markets of Market XYZ to withdraw them immediately as the Quickswap platform’s lending feature will be discontinued.

The latest Quickswap attack comes on the heels of the Mango hack and the recent Olympus DAO exploit.

Regarding the Quickswap exploit, blockchain auditing and security firm Peckshield explained that the vulnerability was discovered on October 11, 2022.

That is, 13 days before the incident, where she indicated in her tweet:

Quickswap suffers from a price gouging problem.

Peckshield analysts added:

The Mimatic market uses a Curvepooloracle to feed prices, which are manipulated to borrow money from the market.

Read:Tether and Bitfinex pay a fine by order of the CFTC … for this reason!

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