Redemption, a “yield optimization mechanism” on the Phantom (FTM) Blockchain, has been hacked. The price of their DeFi altcoin projects has more than tripled due to a flash loan attack.
Flash credit attack
Redemption suffered a massive coordinated flash credit attack on April 18, 2022, according to the official announcement shared by the DeFi protocol team. Redemption was warned about this attack by PeckShield, a premium blockchain security provider. Peckshield said that unusual transactions have occurred on the Redemption Blockchain. Using Redemption for
FTM-based “yield farming”, the project confirmed the attack and advised its users to remove liquidity immediately, but not sell 2OMB and 3OMB local assets. The team behind the project states, “2|3omb is currently being targeted by an arbitrage flash loan attack. You do not need to sell your 2|3omb assets, but it is recommended to break any LP you may have.” Both assets saw their prices skyrocket when the attack began: the value of the 2OMB and 3OMB coins tripled within minutes.
DeFi altcoin project is now dropping
Representatives confirmed the loss of 4 million 2OMB tokens, equivalent to $1,600,000, at the peak of the attack. Prices are now returning to normal. Redemption said they will “publish a Medium article as soon as they know all the details about the flash credit arbitrage attack against Redemption Swap.” At the time of writing, the 30MB Token (30MB) is down close to 24.4 percent and is back to its previous levels. The token had risen to $ 0.38 after the attack. As we have reported as
Kriptokoin.com, hacks continue in the DeFi field. In fact, a new development has emerged for the $ 600 million hack to the Ronin sidechain protocol the other day. Lazarus, a North Korea-based cybercrime and anonymous hacking organization, has linked it to the largest exploit in decentralized finance (DeFi) history – a $600 million hack to the Ronin Sidechain protocol. US Authorities and Blockchain security team Chainalysis have released reports saying the notorious group is linked to the attack.
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