Hacker Gets Away with $400,000 In SVT Flashloan Exploit
Certik Alert has now announced a $400k loss due to a flashloan vulnerability affecting SVT tokens.
A flashloan vulnerability on SVT tokens caused in a $400,000 loss, according to a study published earlier today by blockchain security company Certik Alert. The investigation claims that the attacker took advantage of a security flaw in an SVT trading contract. The victim of the assault was a naive user who lost money as a consequence.
According to Certik Alert, the transaction was exploited due to a vulnerability in the economic model used. The report said that the attacker made the $400,000 in a series of coordinated purchase and sell transactions.
The attacker has just placed 1000 BNB into the decentralized cryptocurrency tumbler Tornado Cash, which is now valued at $217,000. Intruders who want to conceal the source of their exploit money often use this portal.
Earlier this week, Certik reported that, since last Friday, there have been more than 12 vulnerabilities, including five hacked Discord accounts, two phishing assaults, and one hacked Twitter account. The company claims that $8.2 million has been lost due to these assaults.
Solvent Protocol (SVT) was a decentralized finance (DeFi) network built on the Solana blockchain that has since shut down. The network stopped accepting new members and processing withdrawals as of May 2023, however, users still had until July 31, 2023, to cash out their assets and return their SVT tokens. The team has previously said that the SVT tokens should be burned since they would eventually become worthless.
According to CoinMarketCap data, the token’s value has increased by 7.9 percent during the last month. The token’s value has increased by nearly 5% in the previous week, and by 0.67% in the past 24 hours, as seen by the token’s price chart. The token’s price fluctuation suggests, however, that it might be the target of a number of pump-and-dump schemes.