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DeFi Protocol xToken Suffers $24.5M Exploit
The protocol said minting has been paused on all contracts while an investigation takes place.
Updated Sep 14, 2021, 12:54 p.m. Published May 12, 2021, 7:46 p.m.
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Decentralized finance (DeFi) protocol xToken said it suffered an exploit Wednesday by an attacker who used flash loans to take $24.5 million.
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xSNXa and xBNTa contracts have been exploited. Minting paused on all contracts as we investigate further.
— xToken (@xtokenmarket) May 12, 2021
Liquidity pools have been drained, however most SNX and BNT remain in xToken contracts.
We owe the community an explanation and will be providing another update shortly
- According to Mudit Gupta, blockchain team lead at Polymath, the attacker got away with more than $8 million in xToken's SNX tokens and more than $6 million in the protocol's BNT tokens.
xToken contracts from @xtokenmarket exploited, the hacker got away with $8m+ in SNX and $6m+ in BNT tokens. The hacker minted more xSNX and xBNT than they should have. I had a very brief look at the transaction and here's the VERY EARLY analysis 🧵👇: https://t.co/VyrudLjD1y
— Mudit Gupta (@Mudit__Gupta) May 12, 2021
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