Lodestar Finance Was Exploited For About $6.5 Million

Lodestar Finance, an Ethereum lending platform was attacked and exploited. The attacker stole approximately 3 million GLP and made a profit of $6.5M. The attacker made a profit of $6.5M by stealing approximately 3 million GLP. The exploiter used the inflated tokens to secure cash and then took out 8 Flashloans (a total of $70.5 million), and then deposited all the loaned ETH to GMX to begin the final exploit. The exploiter then pooled the WETH (14,596) together, withdrew, and deposited the funds to GMX. He then swapped 14,960 WETH for 19,001.512 USDC. This allowed him to obtain PlsGLP, which could allow him to control the entire supply. The supply of sGLP increased almost 1.68x. He borrowed the remaining assets and deposited them to GMX. After that, he repaid all flashloans with interest and redeemed the underlying assets. Lodestar Finance claims that 2.8million GLP, which was worth $2.4 million at that time, can be recovered. It is also working to reach an agreement with the exploiter.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comThanaCoincu NewsTags: ArbitrumcryptoEthereumExploitmarket