In order to do so, the attacker took out a flash loan worth 7,500ETH and used 3,518ETH to buy up sUSD (synthetic USD) and post it as collateral on bZx. They then used 900ETH to manipulate the price of sUSD through the decentralized exchange Kyber to raise the price to $2 per sUSD, to make their collateral to seem larger than it actually is.
Then, the attacker borrowed 6796ETH from bZX with the inflated collateral and repaid the original 7500ETH loan, to net a profit of 2387ETH or $630,000 in less than 1 minute of execution time.
According to bZx, they were able to “fortunately delay the realization of the loss” and they “believe the system can recover from this”. They’d also be closing mints and only allowing borrowers and traders to close positions until they fortify their protocol to avoid the repetition of such an incident.
This is unfortunately the second attack in the same week that uses flash loans. Another attacker was able to exploit these inefficiencies to pocket $360,000 in a single transaction by starting with a 10,000ETH flash loan. Fortunately, none of the platform users was financially affected according to bZx.
Image Licensed via Pixabay
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