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PeckShield: Value DeFi was attacked by flash loans because of a bug in AMM’s oracle (namely Curve)

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The net loss of this flash loan is about 6 million US dollars.

Rhythm BlockBeats news, on November 14, the Value DeFi protocol was attacked by flash loans, and according to official estimates, the loss was about 6 million US dollars.

Security company PeckShield subsequently issued an analysis, "Value DeFi was attacked by flash loan" because of a bug in the AMM-based oracle (ie Curve) in the protocol. The attack steps are as follows:

1. The hacker made a flash loan of 80,000 ETH from Aave;

2. Exchanged WETH for 116 million DAI in UniswapV2;

3. Exchange the 80,000 ETH obtained from Aave into 31 million USDT in UniswapV2;

4. Deposit 25 million DAI in Vault DeFi and mint 24.9 million pooltokens (for the attacker ), and 24.956 million new 3crv (hosted by Vault DeFi);

5. Convert 90 million DAI to 90.285 million USDC on Curve;

6. 31 million USDT was exchanged for 17.33 million USDC;

7. Destroyed 24.9 million minted pool tokens to redeem 33.089 million 3crv tokens instead of 249.56 million (feed price manipulated ).

8. Exchange 17.33 million USDC back to 30.94 million USDT on Curve;

9. Exchange 90.285 million USDC back to 90.927 million DAI on Curve;

10. By destroying 330,890 3crv to redeem 33.11 million DAI, clear liquidity from 3pool.