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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

Warp Finance Suffers Possible $8M Flash Loan Attack

The scheme has become common in the fast-growing DeFi sector.

Dec 18, 2020 at 2:37 a.m. UTC
Updated Sep 14, 2021 at 10:45 a.m. UTC

Decentralized finance (DeFi) platform Warp Finance was exploited for $8 million Thursday evening, possibly due to a flash loan attack, according to analysis portal DeFi Prime.

  • The exploit appears to be a flash loan attack, DeFi Prime said, citing data from Etherscan. The scheme has become common in the fast-growing DeFi sector.
  • Flash loans allow users to borrow funds without collateralization because the lender expects the funds would be returned instantly.
  • Warp Finance, which enables users to deposit crypto tokens in exchange for stablecoin loans, said in a tweet it was experiencing problems.
  • "We are investigating irregular stablecoin loans taken out in the last hour, we recommend that you do not deposit anymore stablecoins until we have clarity on the irregularities," the platform tweeted.

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