Another DeFi protocol fell victim to the hack. According to security expert Vahe Karapetuan, GrimFinance is estimated to lose $ 40 million and criminals have used the same vulnerability as flash loans.
Another DeFi protocol hack – GrimFinance
First, the hacker took a two-token flash loan and added liquidity to SpiritSwap, which allowed him to pay a reward in SPIRIT and apply for a deposit.
A series of various commands then allowed the hacker to gain control of a large number of borrowed tokens. Using the Spirit LP token, the hacker was able to make a second deposit, which allowed him to obtain a large number of additional tokens.
“Grim Finance was attacked 2 hours ago. Estimated loss: $ 40 million