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Finance

DeFi Protocol 0VIX Loses Nearly $2M in Flash-Loan Exploit

The attacker stole 1.45 USDC along with other tokens.

By Oliver Knight
AccessTimeIconApr 28, 2023 at 12:44 p.m. UTC
Updated May 9, 2023 at 4:13 a.m. UTC
0VIX hit by flash-loan exploit. (Towfiqu Barbhuiya/Unsplash)
0VIX hit by flash-loan exploit. (Towfiqu Barbhuiya/Unsplash)

Decentralized-finance protocol 0VIX has lost roughly $2 million in a flash-loan exploit, according to on-chain data on Polygon's block explorer.

A total of 1.45 million USDC, along with other tokens, was stolen before being bridged to the Ethereum mainnet on Stargate Finance, where it was eventually swapped for ether (ETH).

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    • The protocol had $6.4 million in total value locked before the exploit. That figure has now slumped to $1.7 million as investors rapidly withdrew their capital.

    This is the latest in a series of crypto exploits, with ZkSync-based decentralized exchange Merlin suffering a $2 million rug pull on Wednesday.

    0VIX confirmed the attack on Twitter, stating that it is "working with its security partners to look into the current situation."

    "Only POS has been currently affected but zkEVM has been paused as a precaution and will likely be enabled shortly again," it added.

    Read more: DEX Merlin and CertiK Plan to Compensate $2M to Users Impacted in Rug Pull

    Edited by Parikshit Mishra.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter