Stablecoin Protocol Resupply Exploited for $9.5 M After Opponent Pumps Up Token Price
Stablecoin platform Resupply suffered a major exploit worth $9.5 million after an assailant manipulated the price of a key collateral token.The post Stablecoin Protocol Resupply Exploited for $9.5 M After Assailant Pumps up Token Cost appeared first on Cryptonews.
Stablecoin platform Resupply suffered a significant make use of worth $9.5 million after an enemy controlled the cost of an essential security token, security companies reported.Key Takeaways: Resupply lost $9.5 million after an enemy manipulated the cost of cvcrvUSD to obtain reUSD cheaply.The exploit exploited faulty rate logic in the CurveLend contract used by ResupplyPair.Resupply stopped briefly the impacted agreement and is examining the breach, with a complete post-mortem pending.The attack targeted cvcrvUSD, a wrapped variation of Curve USD (crvUSD) staked on Convex Finance. By sending donations to the cvcrvUSD vault, the opponent inflated the token’s share price.This inflated cost was then used as collateral to borrow Resupply’s native stablecoin, reUSD, at a highly favorable exchange rate.Resupply Exploit Linked to Manipulated Cost Feed in CurveLend ContractThe Resupply smart contract involved, ResupplyPair (CurveLend: crvUSD/wstUSR), utilized the manipulated cvcrvUSD price in its calculations.Once the assaulter borrowed the reUSD, the controlled exchange rate collapsed, activating a major decline of the procedure’s reserves.Analysts at Blocksec noted that the opponent mostly drained funds from the wstUSR market by making use of the problematic cost logic in the borrowing function.The stolen reUSD was then swiftly converted into other crypto assets on external markets. They stole $1.52 billion, or 94% of total losses.The post Stablecoin Procedure Resupply Exploited for $9.5 M After Aggressor Inflates Token Cost appeared first on Cryptonews.
