DeFi Protocol ApeRocket Lost $ 1.26 Million After Two Fast Credit Attacks

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ApeRocket, an aggregator of decentralized finance (DeFi) pharming services, suffered two fast-loan attacks and suffered $ 1.26 million in losses.

According to a developer blog post, the attacks took place on Binance’s ApeRocket protocol and its fork on Polygon within a few hours this Wednesday. Two attacks using quick loans were carried out through Aave and PancakeSwap, and the total losses from them amounted to $ 1.26 million in cryptoassets.

In both cases, significant amounts were borrowed from AAVE and CAKE – the hacker kept more than 99% of the money in the vaults of the two protocols. Large amounts were then sent to the storage contract, resulting in the release of a large number of ApeRocket SPACE tokens.

After that, the borrowed money was returned, and the attacker sold his generated tokens, which led to a drop in the SPACE price by about 63%. The release of tokens has been temporarily stopped while the protocol developers decide on compensation for users.

As a reminder, in April, the Uranium Finance decentralized finance project powered by Binance Smart Chain was hacked during the migration. Hackers stole various tokens worth $ 50 million. In May, the hacker issued and sold FNX tokens worth $ 7.4 million after hacking the FinNexus DeFi protocol.

In May, the Binance exchange said it was not responsible for the hacks and vulnerabilities of the DeFi protocols on the Binance Smart Chain blockchain, and could not carry out kickbacks and refund stolen money.

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