Cryptocurrency

New Free DAO crashes 99% after $1.25M flash loan attack

Zegex

A flash loan attack launched against the New Free DAO (NFD) drained $1.25 million from the protocol and caused the token price to drop by 99%.

blockchain security company certificate alerted about the attack via twitter The attacker manipulated the NFD’s “addMember()” function to add himself as a member, giving him access to execute three flash loans using unverified contracts.

Attackers borrowed 4481 WBNB, exchanged For the NFD token worth $1.25 million, the token price plummeted by 99%.

About $500,000 is said to have been exchanged for BUSD and laundered through the approved mixing protocol Tornado Cash.

Attackers Challenge Avalanche

Within 24 hours, the cryptocurrency community had to contend with two flash loan attacks involving Avalanche.

upon September 7 370,000 USDC was lost from the protocol built on the network in a flash loan attack against the Avalanche blockchain.

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