Iron Bank

Alpha Finance suffered a Flash Loan Attack: $37.5 Million Exploited

February 13, 2021
Attack Types: 
Smart Contract Exploit ,Flash Loan Attack
Entity Types: 
DeFi ,Yield Aggregator
Target Entities: 
Alpha Homora ,Iron Bank

Summary # On February 13, 2021, Alpha Finance, a DeFi project, suffered a hack that resulted in a $37.5 million loss. The attacker exploited a rounding error in the repayment process, accumulating a substantial amount of cySUSD. They used this to obtain loans in different assets and distributed the stolen Ether. Iron Bank responded by modifying the smart contract configuration, freezing funds and preventing lenders on Alpha Homora from withdrawing their liquidity. ...