In the latest security breach event, the decentralized finance (DeFi) project Onyx Protocol became a victim of flash loan exploitation and lost approximately $2.1 million worth of Ethereum (ETH) coins.
As per reports, the wallet address of the Onyx protocol exploiter has a balance of 1,164 ETH, worth around $2.1 million, which was exploited by scammers.
Onyx Protocol Suffers Security Breach
To commit the theft, the attacker initiated their scheme by making a seemingly innocuous donation of a small sum to the oPEPE market.
With this initiative, they were eligible to borrow a substantial amount of funds from other markets that possessed ample liquidity. Further, the donated funds were utilized as collateral for the borrowing process. After that, the attackers then redeemed the borrowed funds and exploited the rounding issue to make a profit.
The theft was easy as the oPEPE market was set up 5 days ago and didn’t have any funds, which turned out to be an advantage for the attackers
We współpracy z: https://coingape.com/onyx-protocol-loses-2-million-in-flash-loan-exploitation/
