QuickSwap exploit

More Than $200,000 Stolen from QuickSwap in Flashloan Attack

25.10.2022 10:12 (Updated 25.10.2022 10:10)
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by Gabriel Cross
1 min read

Decentralized exchange QuickSwap has become the latest victim of a flash loan attack. The Uniswap DEX fork, which runs on Polygon and issues the MATIC crypto, was hit for $220,000.

Flash loan attacks happen when an exploiter takes out many loans from a DeFi protocol and then sells the borrowed crypto. Unfortunately, decentralized exchanges are vulnerable to such attacks. In total, there have been a staggering 19 major flash loan attacks this year only. Moreover, according to Chainalysis, a blockchain analysis firm, October 2022 is the most critical month in the history of crypto when it comes to the amount stolen by hackers – $718 million as of October 13.

Following the attack, QuickSwap quickly halted its QuickSwap Lend service. According to the blockchain security company, PeckShield, the attackers used the Tornado Cash mixing service in an attempt to cover the trace of money. Luckily, no user funds were stolen in the exploit.

Author

  • Gabriel Cross used to be a bank officer for an international bank for many years. From this point of view, he says the time spent obtaining a degree in economics was a waste of time. A few years back, he decided to quit his job and start trading. He is obsessed with decentralized finance, but he often plays with the stock market, investing with great pleasure into ground-breaking tech solution startups.

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