Flash loan attack worth $7M on Value DeFi
Just 13 Hours Ago, Value DeFi called itself “the most secured and advanced piece of technology in the DeFi space”. Fast forward 10 Hours later and it was flash loan attacked for $7 million.
Big shame. We believe the project team mean well but their farming solutions were overly complex and confusing. We hope they can recover and get back to basics.
From our preliminary analysis, this flash loan hack feels like a manipulation.
- Deposit on ValueMultiVaultBank
- Exchange on Curve
- Withdraw from ValueMultiVaultBank
The MultiStables vault was the subject of a complex attack that resulted in a net loss of $6M. https://t.co/dnFRa5yPBJ
— Value DeFi Protocol (@value_defi) November 14, 2020
We are currently working on a postmortem and are exploring ways to mitigate the impact on our users.
So now, there are two hacks in a row. Clearly, it is not a good look for Value DeFi especially after bragging how safe and secure their vaults were. We are sure Value token holders want answers. Their first hack was YTRU rug.
So, there you have it. Value DeFi got attack for a 6 million dollars loss literally after 13 hours tweet about how secure their vaults were. That’s it. It clearly doesn’t require any effort to make it hilarious.