Cryptocurrency
[loss] $1M+
Tweet by Chaofan Shou
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
- 2024-07-14 Breach occurred
- 2024-07-14 Publicly disclosed