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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:
🚨ALERT🚨Our AI powered system has detected multiple suspicious transactions involving @GammaStrategies— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 4, 2024
Total loss is more than $4M so far! Attacker has created many malicious contracts and executed the transactions!
Attacker's address: https://t.co/Yx4wfnDixc
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.
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