Cryptocurrency [loss] $1M+

Tweet by Chaofan Shou

2024-07-14 [vendor] Minterest [chain] ethereum
Primary Source ↗
Financial Loss $1.4M (1,400,000 USD)
Blockchain(s) Ethereum

Incident Details

An attacker stole $1.4 million from the defi lending project Minterest. Using a flash loan attack, they manipulated the exchange rate calculated by the project, allowing them to withdraw more tokens than they originally loaned.Minterest paused the supply and borrow portions of their protocol after the attack, and attempted to contact the attacker to negotiate a return of some of the funds.

Total loss estimated at $1,400,000.

Technical Details

Initial Attack Vector
Flash loan attack on smart contract
Vendor / Product
Minterest

Timeline

  1. 2024-07-14 Breach occurred
  2. 2024-07-14 Publicly disclosed