The post Crypto Hack Report This Week: Analyzing Recent DeFi Hacks and Security Breaches appeared first on Coinpedia Fintech News
The last week saw a bunch of high-profile cyberattacks on giant players in the cryptocurrency industry with a particular focus on DeFi platforms, crypto-hedge funds and other blockchain-based services.
Join us in this week’s crypto hack report focusing on types of attacks, their methods of implementation, and the evaluation of response actions before and after the lifecycle of those attacks.
1. Sonne Finance’s million Flashlash loan attack
Sonne Finance, a typical lending/borrowing platform, was built on Compound and deployed on Optimism, a Layer-2 chain. However, there came a flash loan attack which affected their protocol.
Attackers took advantage of the bugs in the protocol and bypassed the flash loan function to drain more than $20 million in several seconds. Through these loans, the hackers managed to manipulate the liquidity pools
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