Saddle Finance lost over $11 million to hackers on Saturday, April 30th. April was a record-setting month for hacks on DeFi protocols. And many were flash loan attacks.
In a flash loan attack, 3,933 ETH ($11 million) was pulled from the “decentralized automated market maker” Saddle Finance in less than a minute.
Saddle is an open-source platform. It is a DeFi automated market maker (AMM) on the Ethereum blockchain which trades pegged value crypto assets.
The hacker was laundering the stolen funds through the Tornado Cash tumbler shortly after the attack.
Saddle Finance launched in January 2021. And had a loss of $275,000 last year. In the first hack, an attacker was able to arbitrage Saddle Finance pools to steal funds.
Saddle Finance launched in January 2021. And had a loss of $275,000 last year. In the first hack, an attacker was able to arbitrage Saddle Finance pools to steal funds.
Flash loan attacks getting more common
Deus Finance was also hit by a flash loan attack. And it netted $13.4 million for the hackers.
