Reports detail that the DeFi protocol Lodestar Finance lost roughly $6.9 million from the vulnerability on Saturday.
detail. “[The] protocol was exploited and deposits have been drained,” Lodestar’s official Twitter account said. “We have set all interest rates to 0 so that supply and borrow balances are not moving while we weigh recovery options.”
Lodestar says the hacker “manipulated the exchange rate of the plvGLP contract” and then “supplied plvGLP collateral to Lodestar and borrowed all available liquidity.” This allowed the exploiter to cash out “what they could.” However, a “collateralization ratio mechanism prevented them from fully cashing out the plvGLP,” the team noted on Saturday.
Via the team Discord channel, Lodestar team members explained that they had paused borrowing and liquidation activity.
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