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The majority of DeFi hacks are flash loan attacks. Because of the new technology, vulnerabilities are not readily apparent and may require the identification of skilled developers.
Flash loan attacks It can cost DeFi protocols and their users hundreds of millions. Thus guarantees must be established to ensure that a protocol is robust and sanitized.
Protect decentralized oracles of prices from slipping
Tools for detecting possible attacks
Flash loan arbitration
Guarantee exchanges
Debt refinancing
- Borrow assets from Aave’s liquidity
- Repayment debt for compound
- Remove guarantees from the compound
- Deposit at Dydx
- Mint debt in Dydx
- Return liquidity to Aaveri
- The borrower requests a flash loan from Aave.
- The borrower creates an exchange logic to try to make a profit, such as sales, DEX purchases, trades, and so on.
- The borrower repays the loan, makes a profit and pays a fee of 0.09%.
- If any of the following conditions apply, the transaction is reversed and the funds are returned to the lender:
Use of smart contracts
Unsecured loan
Instant transactions
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