Share this article
Value DeFi Suffers $6M Flash Loan Attack
The latest flash loan attack in the decentralized finance world has caused a total loss of $6 million.
By Muyao Shen
Updated Sep 14, 2021, 10:31 a.m. Published Nov 14, 2020, 8:59 p.m.
Decentralized Finance (DeFi) protocol Value DeFi was exploited for approximately $6 million earlier Saturday, possibly due to a flash loan attack, a scheme often seen in the fast-growing DeFi sector.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- "A complex attack" on Value DeFi's MultiStables vault has caused a net loss of $6 million, according to a tweet by Value DeFi on Saturday.
- The exploit appears to be a flash loan attack, according to data from Etherscan, after an attacker or attackers borrowed 80,000 ether from the DeFi lending platform Aave.
- Flash loans allow users to borrow funds without collateralization because the lender expects the funds would be returned instantly.
- By taking advantage of the uncollateralized loans, the attackers arbitraged the funds between stablecoins dai and USDC after depositing funds in the Value DeFi's MultiStables vault.
- At press time, the price of the protocol's native token value liquidity plummeted to $1.99, down 27.9% from around $2.76 before the attack, according to data from CoinGecko.
- Flash loan attacks are common in the DeFi sector: Value DeFi's loss came just two days after another DeFi platform Akropolis suffered a similar hack and lost about $2 million in total.
- The team behind Value DeFi did not return CoinDesk's questions by press time.
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
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
