BlockTower Capital Lost $1.5 Million: Blockchain Data
Earlier on Friday, Dexible, an automated trading platform in decentralized finance (DeFi), fell victim to a $2 million exploit, according to a report by the team uploaded on the official Discord server. The team said a few “large whales” were exploited and accounted for 85% of losses.
On February 17, Dexible tweeted: “A hacker is exploiting a vulnerability in our latest smart contract. This allowed the hacker to steal funds from any wallet that had an unused spend authorization on the contract, Dexible tweeted. Currently, all operations on the platform are paused, according to the tweet.
According to Blockchain data, BlockTower Capital, an investment firm, has lost $1.55 million in TrueFi in a recent exploit. Dexible CEO Michael Coon said on Discord that “We have put these contracts on hold while we get a full picture of the situation.”
Platypus Finance, a decentralized finance (DeFi) application, was affected by flash loans on February 16, according to CertiK tweets, a smart contract security firm. According to the tweet, the hacker used flash loans that resulted in a loss of $8.5 million. At the moment, all operations on the platform are paused.
Earlier Friday, the Platypus community confirmed that the attacker targeted a loophole in the USP solvency verification process. “They used a flash loan to exploit a logical flaw in the USP solvency control mechanism in the contract that contained the collateral,” Platypus tweeted. On Friday, the Platypus community assured users that they were trying to contact the hacker to arrange a bounty in exchange for the return of exploited funds.
A flash loan is an unsecured loan where digital assets are repaid the borrowed amount in a single transaction. In recent months, other DeFi platforms have been targeted for flash loans, including Deus DAO in April, Nirvana Finance in July, New Free DAO in September, and Mango Markets in October.
Disclaimer
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not establish financial, investment or other entities. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
