Flamingo Finance Suffers $345,900 Loss in Hacker Attack

Flamingo Finance, a decentralized finance platform, has been targeted in a significant hacking incident that resulted in an estimated loss of approximately $345,900. The attack was monitored by Blockaid, which reported that the hacker utilized Morpho flash loans to borrow around 18 million USDT, a stablecoin pegged to the US dollar.

During the attack, the hacker staked Curve USDP LP tokens into the Strategy, manipulating the price of VaultYUSDT shares. Following this manipulation, the attacker redeemed liquidity in aUSDT, successfully realizing the profit from the operation. This incident highlights ongoing vulnerabilities in the Web3 space, where security breaches continue to pose risks to decentralized finance platforms.

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Source: KLEA News