Beosin: A brief analysis of the incident where the WooPPV2 contract suffered a price manipulation attack and lost approximately US$8.5 million.

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Cointime2024/03/06 02:14

By:Cointime

According to Beosin Trace fund analysis platform, the WooPPV2 contract project on the Arbitrum chain has been subjected to price manipulation attacks, resulting in a loss of approximately $8.5 million. Hackers borrowed USDC.e and Woo tokens through flash loans, and then carried out frequent token exchanges through the WooPPV2 contract. Due to flaws in the price calculation of the WooPPV2 contract, hackers were able to manipulate the price during the exchange process, resulting in a large amount of Woo tokens being stolen. Currently, the contract has been suspended, and Beosin Trace will continue to monitor the movement of stolen funds.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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