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Flash Loans and Crypto Exploits

1 min read

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A "hacker" made off with $3.4 million dollars this week in an event that took just seconds. It is nearly impossible to identify the perpetrator.

The attack targeted a crypto liquidity management protocol called Gamma.

The incident has been reported widely in the media, and there have been many efforts made to explain the attack:

The perpetrator employed a flash loan, which is a way of borrowing large amounts of money for tiny amounts of time.

Here's a good description of flash loans and how they work.

Gamma explains the attack here.

Here's the hacker address.

I didn't realize you can write a private note to a wallet address.

cryptogammaflash loanexploit