As per Coindesk, the decentralized finance (DeFi) platform Akropolis suffered a $2 million loss after a re-entrancy attack using a flash loan from the derivatives platform dYdX.
According to The Block researchers Steven Zheng and Ana Andrianova (the founder of Akropolis), the hacker took out $50,000 in DAI from the yCurve and sUSD pools of the project. Prior to draining the pools, the intruder obtained $2 million worth of stablecoins.
The Delphi savings pool of Akropolis was twice audited, the team said in the Discord, once by CertiK and again by SmartDec and Gloomy companies.
Akropolis Hack Autopsy
Andrianova informed CoinDesk that an assault autopsy will be issued on Friday.
A re-entrancy assault helps a customer to remove more funds than the contract retains from a contract. The DAO hack, Ethereum’s 2016, was also a re-entrancy assault.
The current DeFi project to be hacked through flash loans is Akropolis, which operates a protocol for generating interest on pooled Ethereum-based properties.
Several of the pools for yield farming inside the Delphi Savings pool of the project have been depleted by over 2 million DAI, worth approximately $2 million.
Curve protocol for the exchanging and earning of secure coins. Other Curve ponds, bUSD and sBTC, as well as its Aave and Compound pools, were not impacted, according to Akropolis.
Apparently, the hacks came as a surprise to Akropolis, who claimed the pools have undergone two independent audits. “In any audit, though the attack vectors used in the exploit were not recognized,” it added, “The core of the exploit in question is a mixture of a re-entrancy attack with the origination of the dYdX flash loan.”
The hacker did not retain the stolen funds for long, moving the pilfered winnings to another wallet quickly.
Akropolis has committed to updating the code and “exploring options to refund customers for the damage in a manner that is viable for the project.” Whilst doing so, all stablecoin pools have been paused and it claims it has contacted the hack exchanges.
Akropolis in a Nutshell
Akropolis is an Ethereum project which aims to provide users with the platform and resources to create Decentralized Finance (DeFi) products for borrowing, lending and investing.
Via AkropolisOS, a Solidity Platform for the design and management of complex applications and protocols, developers may create DeFi products.
AKRO is Akropolis’s native governance token, which is used to vote for network governance and receive revenue dividends from Akropolis-based goods. AKRO can also be included in the future to engage in AkroChain’s Delegated Proof-of-Stake Consensus Process.
There are two notable projects being developed on the Akropolis:
Sparta: A loan protocol where by offering collateral for others to borrow, liquidity suppliers can gain interest. Sparta creditors are entitled to borrow properties worth up to 200 percent of the amount of the collateralized assets.
Delphi: A yield farming aggregator that enables users to gain savings yields, earn bonus tokens from built-in protocols, and invest in unpredictable properties (either through an aggressive or passive dollar cost averaging approach).
