Lodestar attack resembled the Mango Markets exploit in which the attacker manipulated price oracle data.
According to Lodestar, the attacker manipulated the price of the plvGLP token before borrowing all platform liquidity using the inflated token.the attack flow. The attacker first manipulated the exchange rate of the plvGLP contract to 1.83 GLP per plvGLP,"an exploit that by itself would be unprofitable", said the company.
Then, the attacker supplied plvGLP collateral to Lodestar and borrowed all available liquidity, cashing out part of the funds"until the collateralization ratio mechanism prevented a full liquidation of the plvGLP." Following the hack,"several plvGLP holders also took advantage of the opportunity and also cashed out at 1.83 glp per plvGLP." The hacker was able to burn a little over 3 million in GLP, making profit on the"stolen funds on Lodestar - minus the GLP they burned.", noted the DeFi platform.
The attacker made around $5.8 million in profit. Lodestar states that nearly 2.8 million of the GLP was recoverable, which should be used to repay depositors. The company is trying to negotiate a bug bounty with its exploiter:Recovering the funds of our users is the main priority and we will generously reward your collaboration.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Arbitrum money market Lodestar Finance exploitedThe exploiter was able to successfully manipulate the exchange rate of the plvGLP token to make it 83% more valuable than it should have been.
Read more »
Hanukkah 2022: Everything you need to know about the Jewish holidayThis year, Hanukkah began at sundown on Sunday, Dec. 18, and ends Monday, Dec. 26.
Read more »
Hanukkah 2022: Everything you need to know about the Jewish holidayThis year, Hanukkah began at sundown on Sunday, Dec. 18, and ends Monday, Dec. 26.
Read more »
Hanukkah 2022: Everything you need to know about the Jewish holidayFrom menorahs to dreidels and all the potato latkes in-between, here is what you need to know about Hanukkah.
Read more »
Hanukkah 2022: Everything you need to know about the Jewish holidayThis year, Hanukkah begins at sundown on Sunday, Dec. 18, and ends Monday, Dec. 26.
Read more »
Hanukkah 2022: Everything you need to know about the Jewish holidayThis year, Hanukkah begins at sundown on Sunday, Dec. 18, and ends Monday, Dec. 26.
Read more »