Share this article
BTC
$84,802.36
+
1.46%ETH
$1,637.95
+
4.84%USDT
$0.9997
+
0.01%XRP
$2.1260
+
4.11%BNB
$595.70
+
1.27%SOL
$129.35
+
7.90%USDC
$0.9999
-
0.00%DOGE
$0.1661
+
3.86%TRX
$0.2479
+
2.10%ADA
$0.6483
+
3.32%LEO
$9.3130
-
0.82%LINK
$13.06
+
2.72%AVAX
$20.19
+
4.96%XLM
$0.2448
+
4.19%SUI
$2.3010
+
3.26%TON
$3.0145
+
1.33%SHIB
$0.0₄1255
+
2.71%HBAR
$0.1716
+
2.14%BCH
$350.81
+
11.44%OM
$6.2952
-
1.71%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
DeFi Yield Farming Aggregator ApeRocket Suffers $1.26M 'Flash Loan' Attack
The attacks occurred on ApeRocket's Binance Smart Chain and Polygon networks within a few hours of each other on Wednesday.
ApeRocket, a decentralized finance (DeFi) yield farming aggregator, has suffered two flash loan attacks costing users $1.26 million.
STORY CONTINUES BELOW
- The attacks occurred on ApeRocket's Binance Smart Chain and its Polygon fork within a few hours of each other on Wednesday, according to a blog announcement.
- The two hacks were carried out in Aave and PancakeSwap and amounted to a combined $1.26 million.
- In both cases, substantial funds were borrowed in AAVE and CAKE, meaning the hacker held over 99% of the funds in the two protocol's vaults. Large amounts of money were then sent to the vault contract leading to the minting of a high number of tokens, which the hacker then dumped.
- The price of ApeRocket's SPACE token crashed by around 63% as a result. No further SPACE tokens will be minted in the meantime while ApeRocket sets about compensating investors for the incident.
- Yield farming refers to a process by which individuals can earn interest or rewards on crypto deposits they make with lenders. DeFi apps allow users to make financial transactions without going through a traditional intermediary like a bank.
Here is an official statement about the attack and our plans moving forward.
— ApeRocket 🚀 (@ApeRocketFi) July 14, 2021
We will provide more details about the procedure at the end of the week.
Again, sorry about all of this.https://t.co/CF5OO8UFwe
Read more: Flash Loan Attack Causes DeFi Token Bunny to Crash Over 95%
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
