Warp Finance’s DeFi project Lost $7.7 million as a result of the attack

The decentralized Warp Finance platform suffered as a result of an attack using an instant loan eight days after launch. The project team estimated losses of $7.7 million in USDC and DAI stablecoins.

The Warp Finance DeFi project announced the start of work on December 9. The protocol allows you to create capital markets for tokens of liquidity providers. Warp smart contracts.finance has been audited by Hacken service.

Security expert Emiliano Bonassi noted that the attacker used a complex lending scheme using the decentralized Uniswap exchange and the dYdX DeFi platform.

According to Warp Finance representatives, about $5.5 million remains in the collateral vault. The project expects to return this amount.

“After successful recovery, they [funds] will be transferred to users who have suffered losses,” the message says.

The team recommended not to deposit stablecoins and promised to compensate the losses to other clients.

Recall that in November, an unknown person carried out an attack using instant loans on the Value DeFi project and withdrew $6 million in DAI and USDC stablecoins.