{"id":33610,"date":"2020-12-18T10:00:01","date_gmt":"2020-12-18T08:00:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=33610"},"modified":"2025-08-28T14:38:46","modified_gmt":"2025-08-28T11:38:46","slug":"warp-finance-defi-project-loses-7-7-million-in-attack","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/warp-finance-defi-project-loses-7-7-million-in-attack\/","title":{"rendered":"Warp Finance DeFi project loses $7.7 million in attack"},"content":{"rendered":"<p>The Warp Finance decentralized platform was hit by a flash loan attack eight days after launch. The project team estimated losses at $7.7 million in stablecoins USDC and DAI.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">1\/ Approximately 2 hours ago, <a href=\"https:\/\/t.co\/nS5MGArVoP\">https:\/\/t.co\/nS5MGArVoP<\/a> was exploited with a complex flash loan attack which allowed the user to borrow more than their collateral value resulting in a loss of stablecoin lender funds.<\/p>\n<p>\u2014 warp.finance (@warpfinance) <a href=\"https:\/\/twitter.com\/warpfinance\/status\/1339751975450267648?ref_src=twsrc%5Etfw\">December 18, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Warp Finance DeFi project announced the start of operations on December 9. The protocol enables the creation of capital markets for liquidity provider tokens. Warp Finance&#8217;s smart contracts have undergone an audit by Hacken.<\/p>\n<p>Security expert Emiliano Bonassi noted that the attacker used a complex lending scheme involving the Uniswap DEX and DeFi platform dYdX.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Taking a look\u2026<a href=\"https:\/\/t.co\/UzyDETcmur\">https:\/\/t.co\/UzyDETcmur<\/a><\/p>\n<p>This is the second attack whish uses multiple flash liquidity,<br \/>flash swaps via Uniswap and flash loans via dYdX<\/p>\n<p>We will see very complex things via <a href=\"https:\/\/twitter.com\/AaveAave?ref_src=twsrc%5Etfw\">@AaveAave<\/a> V2 batch flash loans \ud83d\ude42 <a href=\"https:\/\/t.co\/jAjWa3WAi6\">https:\/\/t.co\/jAjWa3WAi6<\/a><\/p>\n<p>\u2014 Emiliano Bonassi | emiliano.eth (@emilianobonassi) <a href=\"https:\/\/twitter.com\/emilianobonassi\/status\/1339719073333194754?ref_src=twsrc%5Etfw\">December 17, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Warp Finance representatives, about $5.5 million remains secured in the collateral vault. The project plans to recover this amount.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">2\/ The exploiter was able to remove $7.7m of stablecoins. The team has a plan to recover approximately $5.5m that is still secured in the collateral vault. Upon successful recovery, these will be distributed to users who experienced a loss.<\/p>\n<p>\u2014 warp.finance (@warpfinance) <a href=\"https:\/\/twitter.com\/warpfinance\/status\/1339751976695947266?ref_src=twsrc%5Etfw\">December 18, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u00abAfter successful recovery, they [the funds] will be distributed to the users who suffered losses\u00bb, the message says.<\/p>\n<\/blockquote>\n<p>The team recommended not to deposit stablecoins and promised to compensate losses to other customers.<\/p>\n<p>In November, an unknown attacker carried out a flash loan attack on Value DeFi and withdrew <a href=\"https:\/\/u1f987.com\/en\/news\/value-defi-project-loses-6-million-in-flash-loan-attack\">$6 mln in stablecoins DAI and USDC<\/a>.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Warp Finance DeFi platform was hit by a flash loan attack eight days after launch. The project team estimated losses at $7.7 million in stablecoins USDC and DAI.<\/p>\n","protected":false},"author":1,"featured_media":33611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1093],"class_list":["post-33610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-defi"],"aioseo_notices":[],"amp_enabled":true,"views":"49","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=33610"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33610\/revisions"}],"predecessor-version":[{"id":33612,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33610\/revisions\/33612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/33611"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=33610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=33610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=33610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}