DeFi Protocol Dough Finance Exploit Swipes $1.96 Million in User Funds

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Another DeFi protocol, Dough Finance, fell victim to an exploit on Friday morning, losing $1.96 Million in user funds. 

Dough Finance, an open-source protocol to create non-custodial liquidity markets, suffered a flash loan attack that took $1.96 Million in user funds. The project’s team announced they are working to resolve the situation promptly.

Dough Finance Protocol Loses $1.96 Million

On July 12, online reports concerning activity from Dough Finance were called out. Web3 blockchain security platform Cyvers informed us that it had detected multiple suspicious transactions involving the DeFi protocol.

Per the report, the hacker manipulated Dough Finance’s smart contract and stole $1.8 million in USDC. The attacker, funded through the zero-knowledge (ZK) protocol Railgun, swapped the misappropriated funds to Ethereum (ETH), initially obtaining 608 ETH.

Olympix, a Web3 security provider, revealed that the exploit occurred due to “calldata within the ConnectorDeleverageParaswap contract.” Seemingly, the contract didn’t properly check the flash loan calls data.

The unvalidated calldata allowed the exploiter to manipulate the contract’s data and send the funds to an Externally Owned Account (EAO). Following the initial reports, a second batch of attacks

occurred.

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