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The decentralized finance project “Indexed Finance” was hacked and $ 16 million was stolen

The decentralized finance project “Indexed Finance” was hacked and $ 16 million was stolen

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Answer The decentralized finance project “Indexed Finance” was hacked and $ 16 million was stolen

The decentralized finance protocol, Indexed Finance, has reported that it has become the latest victim of a malicious exploit that has led to a significant loss of pooled digital assets.

today October 15, reported Indexed Finance said it suffered its first hack since the protocol was published in December 2020, losing about $16 million in various DeFi currencies, and project management described the hack as devastating.

Two Indexed Finance indexes were targeted:

DEFI5 and CC10.

The sophisticated attack exploited a method of rebalancing indicator pools according to the post-hack report.

Indexed Finance offers portfolio management and is similar to exchange-traded funds and indices with assets under management to track the performance of underlying assets.

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Targeting DeFi Pools:

The Indexed Finance project uses asset pools similar to those found in the Balancer project.

While Uniswap uses Oracle to dynamically round prices and balance pool tokens.

The attacker took advantage of this rebalancing mechanism in the DEFI5 pool by obtaining $156 million in quick loan swaps and exploiting pool tokens UNI, AAVE, COMP, CRV, MKR and SNX.

The hacker tampered with the pool sizes by adding a new SUSHI token to control the majority of the pools.

The malicious contract used all borrowed assets to purchase UNI from the pool in parts.

The attacker performed a minimum balance update on the console and because UNI was removed, SUSHI was compensated.

The previously purchased UNI unit was used for the new DEFI5 instrument which swelled the complex’s supply by orders of magnitude.

The SUSHI coins then allowed the attacker to mint an additional DEFI5 at the highly inflated valuation.

Then the process was repeated several times before moving on to carry out the same attack on the CC10 group before paying off the urgent loans.

Security firm PeckShield reported that the attacker stole 15 Ethereum units, 226.9 thousand UNI, 7.5 thousand AAVE, 6.4 thousand COMP, 845.8 thousand CRV, 516 MKR, 45.4 thousand SNX, 33.2 thousand LINK, 5.2 thousand YFI, 17.8 thousand UMA, and 131.6 A BAT totaling about $16 million.

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Indexed Finance project management stated that it will discuss the repayments and how to move forward with the community while working to correct the vulnerability.

NDX Cryptocurrency Unloading:

Unsurprisingly, Indexed Finance’s original NDX cryptocurrency has lost 32% of its value in the last 24 hours and fell from $3.35 to $2.33 where it is currently trading.

The NDX cryptocurrency, which has been trading between $2.50 and $4 for the past three months, is now down 91% from its February 4 high at $27.71.

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