Zunami protocol loses $2.1 mln in price manipulation hack

Zunami Protocol, a key player in DeFi, grapples with a $2.1 million loss due to a flash loan hack to manipulate prices.

Unknown attackers then manipulated prices and executed trades on the platform’s decentralized exchange.

The Zunami Protocol, a prominent player in the decentralized finance sector, faced a significant setback with a security breach resulting in a loss surpassing $2.1 million. Blockchain security firms PeckShield and Ironblocks reported the breach, which targeted the platform’s liquidity pool hosted on Curve Finance.Here is the encrypted hash: 2638ae2969ce932d61c3ca66f9b8a4a6c01c4d89bb2b34ddcf2c4145960f41c4. Actual hash will be released once the situation is stable.

The attack’s modus operandi appeared familiar to seasoned blockchain observers. Ironblocks shed light on the attacker’s tactics, revealing that they initiated the assault by leveraging a flash loan from the “balancer.” This loan allowed the attacker to inject liquidity into the system, enabling them to significantly manipulate the price. The attacker traded on the exchange with this liquidity. Subsequently, they withdrew the funds, manipulating the price once more, and concluded by returning the flash loan, pocketing 1,152 ETH in the process.PeckShield and Ironblocks, blockchain security experts, provided insights on social media platform X.

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