Attacker Makes Away With $400,000 in SVT Flashloan Exploit: Report

  coinedition.com 26 August 2023 18:15, UTC

Blockchain security firm Certik Alert earlier today reported a flashloan exploit on SVT tokens that resulted in a $400,000 loss. According to the report, the attacker took advantage of a vulnerable contract for SVT trading. The unsuspecting user fell victim to the attack, and lost their funds as a result.

Certik Alert said the exploit was made because of the trading’s flawed economic model. It stated that the attacker used a pattern of repeated buy and sell operations to gain the $400k.

At the present time, the attacker has deposited 1000 BNB, worth $217,000 into decentralized cryptocurrency tumbler Tornado Cash. The platform is a popular stop for attackers hoping to wash their exploit proceeds to avoid suspicion.

Meanwhile, Certik earlier covered that since last week friday, there has been over 12 exploits, including five Discord hacks, two Phishing attacks and one Twitter hack. According to the firm, these attacks have led to loss of over $8.2 million.

SVT is the native token of defunct Solana-based decentralized finance (DeFi) platform Solvent Protocol. The platform ceased operations earlier in May 2023, while giving users till July 31st, 2023 to withdraw their assets and sell back their SVT tokens. As announced by the team, the SVT tokens were to be disposed of as they wouldn’t offer any future utility.

The team also asked the community members to avoid SVT-related market liquidity pools on decentralized exchanges. Interestingly, the token has thrived with considerable trading activities on exchanges.

Data from CoinMarketCap shows that the token has added a price gain of 7.9% in the past month. Price-chart data also show that the token added over 5% within the past week, and 0.67% in the past 24 hours. However, the price trends shows that the token might be subject of several pump and dumps, considering its high volatility.

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