Phantom-Based DeFi Redemption Suffers From “Coordinated Flash Loan Attack”, PeckShield Proposes Solution
- Redemption DeFi Targeted by “Flash Loan Attack”
- Peckshield proposes a solution
Redemption, a “yield optimization mechanism” for the Phantom (FTM) blockchain, is now under attack; The price of its own token has more than tripled due to malicious interference.
Redemption DeFi Targeted by “Flash Loan Attack”
According to an official announcement shared by the Redemption DeFi Protocol team, today, April 18, 2022, it has been hit by a massive coordinated flash loan attack.
We are currently being targeted by a coordinated flash loan attack. We are dealing with the situation, and will update as we have more details.— Redemption (@redemptionpo) April 18, 2022
Redemption was alerted by PeckShield, a top blockchain security provider, about this attack. Around 12:30 PM UTC it was unveiled that unusual transactions are taking place on the Fantom (FTM) high-performance blockchain.
The project, which used redemption for FTM-based “yield farming”, confirmed the attack and recommended its users to remove the liquidity immediately, but stopped selling the original assets 2OMB amd 3OMB.
2|3omb is currently being targeted by an Arbitrage Flash Loan Attack. There is no need to sell your 2|3OB property, but you are advised to disband any LP you have.
The price of both assets soared as the attack began: 3OMB and 3OMB rates tripled within minutes.
Peckshield proposes a solution
As of press time, representatives confirmed that at the peak of the attack, 4 million 2OMB tokens, or the equivalent of $1,600,000, had been lost. Right now, prices are returning to normal.
PeckShield experts shared a proposal with the victims: they are advised to radically change the input for one of the parameters:
You might want to set the ControllerFeedAddress to 0 ASAP!– PeckShield Inc. (@peckshield) April 18, 2022
As covered by U.Today, there were attacks on the DeFi protocol every day in April 2022. The Elephant Finance attack affected the equivalent of $11.2 million.