Decentralized Exchange QuickSwap Was Scammed For $220,000 And Intends To Shut Down Lending Markets

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Last Updated on October 25, 2022 by Bitfinsider

According to the exchange, $220,000 was stolen from QuickSwap, a decentralized exchange on Polygon.

QuickSwap reported that the Market XYZ loan market was the sole platform affected by the attack. PeckShield had first connected the attack to Qi DAO, the company behind the miMatic stablecoin. Later, the security and analytics company blamed a QuickSwap vulnerability for the hack.

QuickSwap lend is about to close when the DEX subsequently verified that $220,000 had been misused through flash loans. In the early hours of Monday, an update had been promised, but consumers were forced to wait for information on the problem for about 12 hours.

Source: Twitter

Based on PeckShield’s analysis, it appears the exploit exploited price manipulation to borrow money at a premium. After returning the assets to Ethereum, the exploiter transferred them to Tornado Cash, a mixing service that was the target of U.S. Treasury penalties in August.

Source: Twitter

According to QuickSwap, no user funds were compromised.

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