Pendle

Radiant

Radiant Capital

Flash

<a href="https://bitcoinworld.co.in/wise-lending-lost-440k-worth-of-crypto-in-flash-loan-exploit/" title="Wise Lending Lost $440K Worth Of Crypto In Flash Loan Exploit" rel="noopener noreferrer nofollow"></a>
Web3 lending app and yield aggregator Wise Lending has been drained of 170 Ether (ETH), worth $440,000 at current prices, in an apparent flash loan exploit on Jan. 12.
According to the report, the exploiter may have manipulated an oracle price through a flash loan in order to carry out the exploit.
Blockchain data shows that the attack <a href="https://etherscan.io/tx/0x04e16a79ff928db2fa88619cdd045cdfc7979a61d836c9c9e585b3d6f6d8bc31" rel="noopener noreferrer nofollow">took</a> place at 7:29 pm UTC. The attacker used an unverified contract with an address ending in d82c to drain the funds.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/zurich-based-bank-ubs-steps-into-cryptocurrency-trades-bitcoin-etfs/" aria-label="“Zurich-based Bank, UBS, Steps Into Cryptocurrency, Trades Bitcoin ETFs” (Edit)" rel="noopener noreferrer nofollow">Zurich-based Bank, UBS, Steps Into Cryptocurrency, Trades Bitcoin ETFs</a>
&nbsp;Multiple tokens were <a href="https://etherscan.io/address/0x91c49cc7fbfe8f70aceeb075952cd64817f9d82c#tokentxns" rel="noopener noreferrer nofollow">transferred</a> into this contract, including $9,000 worth of USD Coin (USDC),&nbsp; $2,000 worth of Tether (USDT), $5,000 worth of Dai (DAI), 18.51 Wrapped Ether (WETH), and numerous Pendle Finance associated tokens.
<figure id="attachment_62420" aria-describedby="caption-attachment-62420" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class=" wp-image-62420" src="https://bitcoinworld.co.in/wp-content/uploads/Wise-lending-exploit-transactions-625x300.webp" alt="" width="696" height="334" srcset="https://bitcoinworld.co.in/wp-content/uploads/Wise-lending-exploit-transactions-625x300.webp 625w, https://bitcoinworld.co.in/wp-content/uploads/Wise-lending-exploit-transactions-768x369.webp 768w, https://bitcoinworld.co.in/wp-content/uploads/Wise-lending-exploit-transactions.webp 956w" sizes="(max-width: 696px) 100vw, 696px">
 <figcaption id="caption-attachment-62420" class="wp-caption-text">
 Wise lending exploit transactions
 </figcaption>
</figure>
&nbsp;
The attacker borrowed 1,110 Lido Staked Ether (stETH) tokens ($2.9 million) from the Aave lending protocol as part of the exploit. Exploiters often use flash loans to manipulate oracle prices.
Pseudonymous blockchain security researcher Spreek alerted the crypto community about the attack on <a href="https://twitter.com/spreekaway/status/1745892488127070270?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1745892488127070270%7Ctwgr%5E2924c5b182dddeb36f6a9fa158250e57631028fe%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fwise-lending-drained-440k-crypto-apparent-flash-loan-exploit" rel="noopener noreferrer nofollow">X</a> (formerly Twitter), stating, “Looks like Wise Lending exploited for ~170 eth.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Looks like Wise Lending exploited for ~170 eth <a href="https://t.co/FKivuNIKZV" rel="noopener noreferrer nofollow">pic.twitter.com/FKivuNIKZV</a>
 — Spreek (@spreekaway) <a href="https://twitter.com/spreekaway/status/1745892488127070270?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 12, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
In a reply to their own post, Spreek speculated that the vulnerability may have been associated with a new Pendle Finance derivative token.&nbsp;
Another security researcher, Officer’s Notes, shared the post, commenting, “Another day, another exploit.”&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Another day, another exploit. <a href="https://t.co/qxOrIMGO8q" rel="noopener noreferrer nofollow">https://t.co/qxOrIMGO8q</a>
 — Officer's Notes (@officer_cia) <a href="https://twitter.com/officer_cia/status/1745894344748364064?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 12, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
According to Officer’s Notes, the vulnerability may have been caused by a 7% swing in price between stETH and ETH within a particular pool, which was in turn “b/c of AAVE v2 stETH flashloan.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Looks like Pendle had a 7% stETH/ETH swing b/c of AAVE v2 stETH flashloan.
 Wise got drained accordingly (probably a 1:1 fixed exchange somewhere).
 Source: <a href="https://t.co/xNR62SELnh" rel="noopener noreferrer nofollow">https://t.co/xNR62SELnh</a>
 Info by <a href="https://twitter.com/charliemktplace?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@charliemktplace</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2b06.png" alt="⬆" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/9oVBL3x0Of" rel="noopener noreferrer nofollow">pic.twitter.com/9oVBL3x0Of</a>
 — Officer's Notes (@officer_cia) <a href="https://twitter.com/officer_cia/status/1745901847838146957?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 12, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
2024 just got started, but decentralized finance protocols have already lost at least $5 million through exploits.&nbsp;
On Jan. 3, Radiant Capital was hit for over $4.5 million. The following day, liquidity manager Gamma Protocol lost over $400,000 in an exploit.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/argentina-registers-first-lease-agreement-denominated-in-bitcoin/" aria-label="“Argentina Registers First Lease Agreement Denominated In Bitcoin” (Edit)" rel="noopener noreferrer nofollow">Argentina Registers First Lease Agreement Denominated In Bitcoin</a>
In 2023, over $1.8 billion was lost from crypto hacks, scams and exploits, according to blockchain security platform Certik.
The post <a href="https://bitcoinworld.co.in/wise-lending-lost-440k-worth-of-crypto-in-flash-loan-exploit/" rel="noopener noreferrer nofollow">Wise Lending Lost $440K Worth Of Crypto In Flash Loan Exploit</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Wise Lending Lost $440K Worth Of Crypto In Flash Loan Exploit

ItsBitcoinWorld

Other articles published on Jan 14, 2024

Guide to Buying NEM Crypto and its Future Prospects to Consider

Elon Musk Magic: Crypto Investor Hits $3 Million Jackpot With This Meme Coin

Crypto: What future for Dogecoin (DOGE) and Shiba Inu (SHIB) in 2024?

Celestia (TIA) Nears $20: Here’s What Analysts Think

Spot Bitcoin ETF Launch: BlackRock & Ark 21Shares Join

BREAKING: Whale Alert Claims More Than $100 Billion XRP Deposited on Cryptocurrency Exchanges – B...

Join our free newsletter for daily crypto updates!