The DeFi platform WOOFi on Arbitrum was exploited for approximately $8.75 million due to a price manipulation attack on its WooPPV2 contract. The attacker flashloaned a significant amount of $USDC.e and $Woo tokens, which were then swapped back and forth to exploit a flaw in the contract's price calculation. The contract was paused to prevent further action. The exploit was quickly identified, and measures were taken to contain the threat within 13 minutes, marking all other WOO contracts as safe. In response to the incident, WOOFi has offered a bounty for information leading to the resolution of the exploit. This event is part of a larger trend of cryptocurrency hacks, with over $360 million stolen in February alone.