Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Zed0X on May 09, 2021, 07:27:32 AM

Title: ValueDeFi exploited for $11 Milion
Post by: Zed0X on May 09, 2021, 07:27:32 AM
I don't understand all the details but, apparently, attackers were able to drain the 9 pools on the platform siphoning $11 Million.

If you have technical knowledge on coding, here's the article for you - ValueDeFi Incident: Incorrect Weighted Constant Product Invariant Calculation (https://peckshield.medium.com/valuedefi-incident-incorrect-weighted-constant-product-invariant-calculation-1bbaa220a02b)

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Summary

This incident was due to the mis-calculation by the protocol on the adopted weighted constant product invariant for non 50–50 ratio pools. There is no flashloan or price manipulation involved. The consequence of mis-calculated invariant allows for draining of affected pool funds. Currently, the bug has been exploited to attack 9 non 50–50 ratio pools with the estimated loss of $11M.

Coinmarketcap also covered the story HERE (https://coinmarketcap.com/ro/headlines/news/bsc-based-valuedefi-exploited-for-11m-by-scammers/) and enumerated the affected pools: