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Warp Finance Suffers Possible $8M Flash Loan Attack
The scheme has become common in the fast-growing DeFi sector.
Updated Sep 14, 2021, 10:45 a.m. Published Dec 18, 2020, 2:37 a.m. 1 min read
Decentralized finance (DeFi) platform Warp Finance was exploited for $8 million Thursday evening, possibly due to a flash loan attack, according to analysis portal DeFi Prime.
- The exploit appears to be a flash loan attack, DeFi Prime said, citing data from Etherscan. The scheme has become common in the fast-growing DeFi sector.
- Flash loans allow users to borrow funds without collateralization because the lender expects the funds would be returned instantly.
- Warp Finance, which enables users to deposit crypto tokens in exchange for stablecoin loans, said in a tweet it was experiencing problems.
- "We are investigating irregular stablecoin loans taken out in the last hour, we recommend that you do not deposit anymore stablecoins until we have clarity on the irregularities," the platform tweeted.
See also: DeFi Exploits Can’t Be Pinned on Flash Loans, Industry Leaders Say
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