Share this article
Polygon-Based DeFi Platform QuickSwap Closes Lending Service After Exploit
Over $220,00 in tokens was stolen on Monday with the use of a flash loan.
Updated Apr 9, 2024, 11:25 p.m. Published Oct 25, 2022, 9:29 a.m.
QuickSwap, a decentralized-finance (DeFi) platform that's based on the Polygon blockchain, closed its lending services for users following a flash-loan exploit for over $220,000 worth of tokens on Monday.
Blockchain data shows the attackers manipulated token prices by borrowing funds using a flash loan – a form of unsecured lending – and then used the inflated values as collateral to drain all liquidity from the affected QuickSwap pool. Stolen tokens including MATIC, Lido’s LDO and staked MATIC were exchanged for other tokens on privacy mixer Tornado Cash on Monday afternoon, data shows.
STORY CONTINUES BELOW
"QuickSwap Lend is closing," the company said in a tweet. "$220k was exploited in a flash loans attack due to a vulnerability with the Curve Oracle, which @marketxyz was using."
Flash loans are provided by some DeFi networks and don't require a borrower to post collateral as long as the loan is paid back in the same transaction.
QuickSwap initially pinned the exploit on a vulnerability with the Market XYZ platform, which it said used faulty oracles from DeFi protocol Curve and stablecoin issuer QiDao. Oracles are services that fetch data from external sources to feed into any blockchain network. QiDao said the exploit was unrelated to its smart contracts.
QuickSwap said it would publish an update on the exploit on Monday, but no further information had been released as of press time Tuesday.
The attack is the latest in a growing list of exploits this month, which is already the worst month ever for crypto attacks.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
NFT Project Pudgy Penguins Takes Over Las Vegas Sphere in Holiday Campaign
The NFT brand’s animated segments will air on the Sphere across Christmas week, signaling the crypto company's move into real-world consumer markets.
What to know:
- Pudgy Penguins will run an ad campaign at the Las Vegas Sphere during Christmas week, one of the few crypto brands to secure a spot at the high-profile venue.
- The NFT project, which launched on Ethereum in 2021, has expanded into physical toys and digital gaming as part of a broader consumer push.
- Pudgy Penguins briefly overtook Bored Apes in floor price earlier this year and recently launched its PENGU token on Solana, now trading on major exchanges.
Top Stories
