DeFi Exploits Cost TempleDAO and MangoMarkets Millions
It must be the season for exploiting decentralised finance (DeFi), since three assaults have occurred within the previous 24 hours.
There are reports of an assault on the TempleDAO yield farming procedure this morning. PeckShield, a blockchain security company, issued a notice on October 11 indicating that an attacker has transferred 1,831 ETH worth around $2.34 million from the system.
Details are few at the present, but it seems that STAX and FRAX, which were part of its staking vaults, were implicated. According to Paladin Blockchain Security, the STAX liquidity provider smart contract was compromised, leading in losses.
A few hours later, the theft from the Mango Markets DeFi derivatives platform in Solana, California, surpassed the $2.3 million loss.
Mango Markets said on October 12 that it had been exploited by an attacker who manipulated an oracle price and drained liquidity. The breach may have resulted in the theft of as much as $100 million.
The real event was a self-funded economic assault in which the exploiter deposited $5.5 million USDC into an account. Using this information, they then obtained a perpetual futures contract for the MNGO token and traded against it. This caused the price of MNGO to rise, enabling the attacker to get Mango treasury loans and drain the liquidity before the exchange fell.
OtterSec, a blockchain security company, was among the first to discover and explain the flaw, which did not involve flash loans.
We’re continuing to investigate the recent Mango Markets hack.
The third assault that occurred on the QAN platform in the last day was a bridge exploit. The theft of around $1 million from the quantum-resistant layer-1 blockchain caused the price of QANX tokens to plummet.
Almost half of the protocol’s 3,3 billion token supply was taken in this most recent bridge assault.
The three exploits occurred less than a week after BNB Chain was drained of up to $500 million, prompting the business to shut down the network.
