Wise Lending suffered a flash loan hacker attack and lost approximately US$464,000
Wise Lending was attacked by hackers: Wise Lending, a well-known Web3 lending application and revenue aggregator, suffered a flash loan attack due to a contract vulnerability, resulting in a loss of approximately US$464,000.
PeckShield analyzes vulnerability: Blockchain security firm PeckShield detailed the vulnerability, stating that a precision issue in Wise Lending’s share accounting logic was manipulated, draining the platform of funds.
Attack details: The attacker used flash loan strategies to target the almost empty market in Wise Lending, artificially raising the stock price. Taking advantage of manipulated conditions to quickly borrow large amounts of money from the lending market.
Assets used by the attacker: Etherscan data shows that the attacker used USD Coin (USDC), Tether (USDT), Dai (DAI), Wrapped Ether (WETH), and tokens related to Pendle Finance.
Market reaction: After the attack, Wise Lending took preventive measures. The cryptocurrency community is closely monitoring developments and potential security enhancements.
Security Warning: Wise Lending’s flash loan vulnerability highlights the security challenges faced by DeFi platforms and reminds people of the need to take strong security measures in the evolving crypto ecosystem.