Value DeFi protocol suffers $6 million flash loan exploit

Published on by Cointele | Published on

After a boast about the protocol's resiliency, Value DeFi loses $6 million to flash loan exploit.

Following a Twitter thread on Friday that highlighted the decentralized finance protocol's flash loan exploit prevention methodology, Value DeFi appears to have been the victim of a $6 million flash loan exploit.

At roughly 10:45 AM EST, a user took out a flashloan of 80,000 ETH from lending protocol Aave.

The attacker then used the funds to conduct a flash loan arbitrage attack, targeting Value DeFi's multi-stablecoin vault.

The attacker deposited funds in the vault, arbitraged the funds between DAI and USDC, and exited with a multi-million payday.

The attacker paid $.31 in ETH from his profits to send the message.

The MultiStables vault was the subject of a complex attack that resulted in a net loss of $6M. https://t.

Since the attack, the the value of the $VALUE token has plunged over 25%, from 2.73 to 2.01 at press time.

This exploit is just the latest in what has been a troubling week across the DeFi space that also featured an attack on the Akropolis protocol.

"Building resilient DeFi is becoming difficult."