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DEX Polygon QuickSwap falls victim to flash loan attack

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QuickSwap was the victim of a attack and lost more than $200,000. The DEX based on Polygon has put in breaking its service of cryptographic loans.

Monday on Twitter, QuickSwap stated to have suffered a flash loan attack to 220,000.

Only the XYZ loan market has been compromised. QuickSwap contracts are not affected.” said the DEX.

The attacker got his hands on tokens worth approximately $220,000, including MATICs and LDOwhich he then traded and laundered on the Tornado Cash cryptocurrency mixer.

Following the exploit, the DEX Has taken the decision to discontinue its cryptocurrency lending service. QuickSwap Lenduntil further notice.

The flash loan attacks are now commonplace in the DeFi. This is not a hacking as such, but rather a exploit. Typically, a malicious actor obtains one (or several) unsecured flash loans and uses them to manipulate the market in its favor before repaying the borrowed funds.

Built on the Polygon network, QuickSwap is a fork of Uniswap, a popular decentralized cryptocurrency exchange platform.

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