WOOFi Reports $8.75 Million Hack on Arbitrum Market

12:57 am
March 7, 2024
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WOOFi, a decentralized exchange, has confirmed an $8.75 million exploit on its lending market on Arbitrum, according to a post-mortem report released by the platform. The attack targeted WOOFi’s Synthetic Proactive Market Making (sPMM) algorithm, resulting in significant losses.

The exploit involved flash loans that manipulated the price of WOO tokens, allowing the attacker to borrow approximately 7.7 million WOO tokens along with other cryptocurrencies. This caused the sPMM to incorrectly adjust the WOO token’s price, enabling the attacker to swap out 10 million WOO tokens multiple times.

Despite prompt detection by blockchain security platforms like PeckShield, Chainalysis, Hypernative, and Wintermute, the attacker managed to abscond with $8.75 million in profits.

WOOFi Offers 10% Whitehat Bounty

Following the breach, WOOFi has initiated efforts to recover the stolen funds. The exchange has announced a 10% whitehat bounty for the attacker and has also placed a bounty on Arkham Intelligence for any information leading to the retrieval of the funds.

It has been confirmed that WOOFi Pro, Stake, and Earn services were not impacted by the attack and continue to operate normally.

After the incident, the value of WOO tokens experienced a sharp decline, dropping from approximately $0.59 to a low of $0.48. Currently, the tokens are priced at $0.52.

FAQs

What was the nature of the exploit on WOOFi’s Arbitrum market?

The exploit on WOOFi’s Arbitrum market involved manipulating the Synthetic Proactive Market Making (sPMM) algorithm, enabling the attacker to conduct flash loan attacks and manipulate the price of WOO tokens to their advantage.

How much was stolen in the WOOFi exploit?

The attacker made off with $8.75 million in profits from the exploit on WOOFi’s lending market on Arbitrum.

What actions has WOOFi taken in response to the hack?

WOOFi has offered a 10% whitehat bounty to the attacker and initiated efforts to recover the stolen funds. Additionally, the platform has placed a bounty on Arkham Intelligence for any information leading to the retrieval of the funds.


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