The DeFi Value protocol was attacked on the morning of November 14 and lost $6 million worth of crypto assets. Presumably, the attack used the popular DeFi tool-quick credits.
According to the Twitter account of the DeFi Value project, a “complex attack” on the MultiStables storage resulted in a net loss of $6 million. According to Etherscan, the hack is an attack using fast credits. Before the attack, the attacker took out a loan of 80,000 ETH on another DeFi — Aave platform.
Quick loans allow users to borrow money without collateral, provided they are quickly repaid. Using unsecured loans, the attackers conducted arbitrage transactions in DAI and USDC stablecoins after depositing assets in the MultiStables repository.
According to CoinGecko, over the past day, the price of the Value Liquidity (VALUE) protocol token has decreased by 22.4%, to $2.08. A few days ago, another DeFi Akropolis project was attacked, as a result of which hackers were able to withdraw
$2 million in DAI stablecoins. During the break-in, the attackers also took advantage of quick loans.Recently, analysts at CipherTrace noted that the number of crimes in the DeFi industry has increased significantly over the past year.