Polygon-Based Decentralized Exchange Quickswap Loses $220K in Flash Loan Exploit – Defi Bitcoin News

Quickswap, a Polygon-based decentralized Exchange (dex), suffered a $220K loss in a flash loans exploit. Following the incident, Quickswap Lend was terminated.

Quickswap Hacked for $220K. Dex Project Sunsets Lending Platform

The year 2022 was a very busy one for decentralized financial (defi), hacks. Billions have been taken due to errors, flash loans, bad smart contracts and unchecked codes. Quickswap took place on October 24. explainedThe Market XYZ loan market was breached for $220,000

“Quickswap Lend is closing,” the team’s Twitter account noted on Monday. “$220K was exploited in a flash loans attack due to a vulnerability with the Curve Oracle, which [Market XYZ]It was used. The only affected market for Market XYZ loans was the Market XYZ. Quickswap’s contracts are unaffected.”

Quickswap also added that Qi Dao provided the seed funds for the Market XYZ lending market and stressed that “no user funds were compromised.” The dex is encouraging users with funds deposited on Market XYZ’s open markets to withdraw them immediately as Quickswap Lend will be sunsetted.

Following the Mango Markets hack, and the Olympus DAO exploit, the Quickswap attack occurred. Olympus and other defi projects have received their funds back following the exploit. This was after they bargained with the hacker. Bitcoin.com News published last week a Chainalysis report that showed crypto hackers had stolen more than $3 billion from 125 exploits.

The Quickswap vulnerability was addressed by Peckshield, a blockchain security and audit firm. explainedThis vulnerability was found on October 11, 2022. “It is a price manipulation issue,” Peckshield tweeted. “The Mimatic market uses Curvepooloracle for price feed, which is manipulated to borrow funds from the market,” the blockchain security analysts from Peckshield added.

Qi Dao, the provider of the Market XYZ lending market’s seed funds, are the creators of the Mimatic (MAI) stablecoin. Peckshield posted the exploit after hacking in a blog posting. Chainsecurity is a Web3 auditor and blockchain security. According to statistics from coingecko.com, Mimatic (MAI), fell to $0.9895 October 23. However, the MAI stablecoin can still be exchanged for $0.993 an unit as of this writing.

How do you feel about Quickswap’s recent exploit? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 6000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.