DeFi protocol xToken suffered an exploit on Wednesday, resulting in the loss of $24.5 million.
The entity behind the attack employed flash loans to steal a range of tokens and has already sold most of the tokens for ether (ETH).
xToken offers eight tokens, such as xSNXa and xBNTa, that offer exposure to returns from DeFi projects. They come in the form of Ethereum-based tokens that are wrapped around certain DeFi tokens, such as SNX and BNT. They give you some of the same benefits as the underlying token, such as staking rewards, but without having to leave the Ethereum ecosystem.
Flash loans are blockchain-based loans through which an amount of cryptocurrency is borrowed and repaid within the same transaction. They can be used to get access to large amounts of capital at a cheap rate because the crypto is repaid instantly (and if the transaction doesn’t go through, the money was never borrowed in the first place).
How did the attack happen?
The attack was carried out using two
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