Wrap Finance Loses Nearly $8M in Flash Loan Attack

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Lending protocol Wrap Finance has become the latest victim of a flash loan attack, losing approximately $7.7 million on Dec. 18.

  • The attacker siphoned $7.7 million worth of stablecoins, with the team saying there is a plan to recover $5.5 million, which will be distributed to users 

  • The team said they would provide a post-mortem of the attack in the upcoming days

  • DeFiPrime first drew attention to a suspicious transaction, which shows that the attacker used DEXs like Uniswap and dYdX to swap assets

  • The market’s major DEXs have been used to swap stolen assets, which was also done by the attacker who targeted Nexus Mutual’s CEO

The recent space of flash loan attacks proves Chainlink co-founder Sergey Nazarov’s remarks that there more attacks will arrive
Flash loan victims include Harvest FinanceBalancer LabsOriginal Protocol and Akropolis

Resources:
https://warpfinance.medium.com/announcement-warp-finance-fair-launch-70eb62d892ad

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