RSilvaRomero
@rsilvaromero
KiteDeFi suffered a major hacker attack. Flash loans used smart contract vulnerabilities to precisely attack. The price of $Kite tokens instantly soared from 13U to 54337U, and then plummeted to 0.27U, resulting in the looting of $110,000 in assets.
KiteDeFi once became a star project in the DeFi community with its innovative token economics and decentralized governance. However, this rapid rise also attracted the attention of attackers. In this incident, the attacker used flash loans combined with smart contract vulnerabilities to carry out a "second kill" attack:
3:45 AM: The attacker used flash loans to mobilize huge amounts of funds.
3:48 AM: The price of Kite tokens was manipulated to an outrageous high through large transactions.
3:49 AM: The contract vulnerability was triggered to drain the liquidity pool assets, the price plummeted, and the funds were quickly transferred.
In just a few minutes, the attack was completed, the liquidity pool was emptied, and the value of $Kite tokens was almost zero 0 reply
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