ApeRocket Suffers Two Flash Loan Attacks , Costing $1.26M

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Evening

DeFi yield farming aggregator and optimizer ApeRocket, today suffered two flash loan attacks, costing its users $1.26 million worth funds. As per official announcement, the attacks happened on ApeRocket's BSC platform and its Polygon fork, within a few hours of each other.

Two attacks took place on PancakeSwap(BSC) and Aave(Polygon). In both cases substantial amount of money was borrowed in Cake and AAVE, and deposited in Cake and DAI—MATIC LP vault. Once hacker held more than 99% funds in two vaults, large amount of money was sent to the vault contracts leading to minting of high number of tokens, which were latter dumped.
Following the exploits, the price of ApeRocket's native SPACE token plummeted by more than 63%. As of now no more SPACE tokens are being minted, while ApeRocket devises a compensation plan for those affected.
Flash loan attacks on ApeRocket, serve as a reminder of dangers involved in hastily and blindly jumping into protocols(clones/forks) In case of ApeRocket its BSC side was a fork of Pancake Bunny.

ApeRocket admitted the fault on their part saying:

Regarding the BSC we were already working on a new version of ApeRocket (ApeRocket V2) prior to the attack, easier to use, more didactic, gas efficient, meaning more compounds, more APYs, and offering us more possibilities. We were not fully satisfied with the V1 being a complete fork of Pancake Bunny. We plan to relaunch the website under this new version soon.

Our launch on Polygon was done in a hurry because we imperatively wanted to join the ApeSwap ecosystem on this blockchain as soon as possible. Thus, some things failed our vigilance and that of one of our auditors on whom we put pressure to release a usable version as soon as possible.

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Kudos to Cubdefi team for taking a slow, steady and sustainable approach towards the protocol development and growth, instead of adopting the superfluous ostentatious approach.

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Posted Using LeoFinance Beta



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