Vladislav Sopov
Fantom-Based DeFi Redemption Suffers From ‘Coordinated Flash Loan Attack’, PeckShield Suggests Solution
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- Redemption DeFi Targeted by “Flash Loan Attack”
- PeckShield proposes a solution
Redemption, a “yield optimization mechanism” for Fantom (FTM) blockchain, is now under attack; The price of its own tokens has more than tripled due to malicious intrusions.
Redemption DeFi Targeted by “Flash Loan Attack”
According to the Redemption DeFi protocol team’s official announcement today, April 18, 2022, it has suffered from a massive coordinated flash lending attack.
We are currently under attack from a coordinated flash loan attack. We are studying the situation and will update as soon as we have more details.
— Redemption (@RedemptionPO) April 18, 2022
Redemption was warned about this attack by PeckShield, a top-tier blockchain security provider. Around 12:30 UTC, it was revealed that unusual transactions were taking place on the high-performance Fantom (FTM) blockchain.
The project, which used Redemption for FTM-based yield farming, confirmed the attack and recommended its users to remove liquidity immediately but refrain from selling native assets 2OMB and 3OMB.
2|3omb is currently under attack from an arbitrage flash loan attack. There is no need to sell your 2|3 omb fortune, but you are advised to break any LPs you may have.
The price of both assets skyrocketed at the start of the attack: 3OMB and 3OMB tripled in price within minutes.
PeckShield proposes a solution
At press time, officials confirmed the loss of 4 million 2OMB tokens, or the equivalent of $1,600,000, at the height of the attack. Prices are now normalizing again.
PeckShield experts shared a suggestion with victims: they are advised to radically change the inputs for one of the parameters:
You may want to set controllerFeeAddress to 0 asap!
— PeckShield Inc. (@peckshield) April 18, 2022
As reported by U.Today, attacks on DeFi protocols took place every day in April 2022. The Elephant Finance attack affected $11.2 million in value.
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