On Monday, the Polygon-based decentralized exchange (dex) Quickswap lost $220K in a flash loan exploit and following the attack, the team detailed the Quickswap Lend platform will be terminated. 2022 has been quite the year for decentralized finance (defi) hacks as billions have been stolen due to mistakes, flash loans, faulty smart contracts, and unchecked lines of code. On October 24, Quickswap explained that the Market XYZ lending market was compromised for $220,000. “Quickswap Lend is closing,” the team’s Twitter account noted on Monday. “$220K was exploited in a flash loans attack due to a vulnerability with the Curve Oracle, which [Market XYZ] was using. Only the Market XYZ lending market was compromised. Quickswap’s contracts are unaffected.” Quickswap also added that Qi Dao provided the seed funds for the Market XYZ lending market and stressed that “no user funds were compromised.” The dex is encouraging users with funds deposited on Market XYZ’s open markets to withdraw them immediately as Quickswap Lend will be sunsetted.
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