DeFi Project Akropolis Drained of $2M in DAI
Decentralized finance platform Akropolis’ yCurve pools have been drained resulting in the loss of $2 million.
Decentralized finance (DeFi) platform Akropolis has suffered a $2 million loss following a re-entrancy attack utilizing a flash loan from derivatives platform dYdX, according to Akropolis founder and CEO Ana Andrianova.
- The attacker pulled out tranches of $50,000 in DAI from the project’s yCurve and sUSD pools, according to The Block researcher Steven Zheng and Andrianova. The attacker collected $2 million worth of the stablecoin before exhausting the pools.
- A re-entrancy attack allows a user to withdraw more funds from a contract than the contract holds. Ethereum's 2016 The DAO hack was also a re-entrancy attack.
- Akropolis’ Delphi savings pool was audited twice, the team said in the Discord, once by CertiK and also by firms SmartDec and Pessimistic.
- Andrianova told CoinDesk an autopsy of the attack will be released Friday.
Not quite, we will publish a detailed retro shortly. Two attack vectors have unfortunately been missed despite two audits. I will link a post-mortem and next steps here.
— Ana A. (@ana_andrianova) November 12, 2020
Update (November 12, 22:00 UTC): New communications from Akropolis including the type of attack have been added.
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
