Polygon's DeFi 0vixProtocol loses $2 million in flash loan attack, hackers reject bug bounty w/ peckshield hack
Leading Web3 cybersecurity expert Peckshield revealed that the attack became possible due to a flaw in the oracles mechanism of 0VIX. In order to start the manipulation, the attacker deposited $24.5 million in USD Coins as collateral and borrowed $5.4 million in U.S. Dollar Tether and 720,000 USDC.
Then, they started a series of leveraged borrowings of vGHST, a 0VIX token based on Aavegotchi's GHST asset. As a low-liquid coin, vGHST saw its price rocket: vulnerable VGHSTOracle failed to mitigate the manipulation. As a result, the borrowing position of the hacker was liquidated and the collateral returned to their pocket.
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