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Multiple DeFi platforms, including Wootrade's contracts and WOOFi on Arbitrum, were exploited by attackers, resulting in significant losses of millions of dollars due to price manipulation attacks. The exploits involved flash loans and flawed price calculations, leading to the theft of crypto assets. The affected contracts have been paused or are undergoing redeployment to address the vulnerabilities.
Yesterday, @_WOOFi got taken for a $8.5 Million ride, after a flash loan attack on Arbitrum. The attacker exploited Woofi’s novel oracle design and low liquidity. Sounds like a wild ride, doesn't it? https://t.co/Z9bkiENfJN https://t.co/50wA5Y9C5I
On March 5th, malicious actors targeted Wootrade's @_WOOFi WooPPV2 contract, successfully absconding with crypto assets valued at $8.5 million on the #Arbitrum chain. The exploit stemmed from a price manipulation attack, exposing a flaw in the price calculation within the… https://t.co/7ZrEEdR4lY
🚨 EXPLOIT ALERT 🚨 WOOFi Swaps was exploited on Arbitrum for $8.75m. The exploiters utilized flash loans to manipulate WOO price via sPMM, exploiting low liquidity. Woffie plans to redeploy WOOFi Swap v2 within 2 weeks. https://t.co/FbAerBC5SE
