DeFi Value Project Lost Crypto Assets On $6 million

Defi Value protocol was attacked in the morning 14 November and lost crypto assets worth $6 million. Presumably, The attack used the popular Defi tool - quick loans.

According to the record on the Twitter of the Defi Value project, "Complex attack" on the Multistables storage led to pure losses in size $6 million. According to Etherscan, Hacking is an attack using fast loans. Before the attack, the attacker took a loan on 80 000 ETH on another Defi - AAVE platform.

Fast loans allow users to borrow money without security, provided that they are quickly returned. Taking advantage of unstable loans, Attackers carried out arbitration transactions in DAI and USDC stabilcoins after making assets in the MultistBles store.

According to CoinGecko data, Over the past day, the price of the Value Liquidity Protocol token (VALUE) decreased on 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 Milln in DAI stablcoins. During hacking, the attackers also took advantage of fast loans.

Recently, Ciphertrace analysts noted, that the number of crimes in the Defi industry over the past year has grown noticeably.