Palmswap Flash Loan Attack: $900.00K Reported Loss
The Palmswap project on the BSC chain was attacked, and the attacker made a profit of more than 900,000 US dollars.
- Reported loss
- $ 900,000
- Attack category
- Flash Loan Attack
Incident Overview
According to the analysis of SlowMist, this attack was due to the fact that the authority control function of the core function was not enabled, and the price calculation model of the liquidity token was designed too simply, depending only on the number of USDT tokens in the treasury and the total supply, resulting in the attacker can use flash loans to maliciously manipulate prices to obtain unexpected profits. On July 28, Palmswap tweeted that 80% of the stolen funds had been returned, and the remaining 20% was used as a bug bounty for hackers.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.