3 ms·
So the problem was that Nirvana's Oracle Feed, that reported the price of ANA, was manipulated into showing a market price higher than was purchased by the expl
by JaggerFoo 4y ago
So the problem was that Nirvana's Oracle Feed, that reported the price of ANA, was manipulated into showing a market price higher than was purchased by the exploiters. Who then sold their ANA back at the higher price for USDT, thus making a profit.
So how was the Nirvana Oracle manipulated to report a higher price for ANA? My guess is that the large purchase was enough to push the price higher (by 35%) and make the flash loan transaction profitable.
- deleted 4y ago[deleted]
- impulser_ 4y agoYes, they use the flash loan to exploit the oracle price. This has been done many times before in the crypto space. Literally the exact same exploit. https://cointelegraph.com/news/inverse-finance-exploited-again-for-1-2m-in-flashloan-oracle-attack https://cointelegraph.com/news/inverse-finance-exploited-aga... https://cryptobriefing.com/deus-finance-suffers-3m-oracle-exploit/ https://cryptobriefing.com/deus-finance-suffers-3m-oracle-ex... https://medium.com/valixconsulting/twindex-full-incident-analysis-of-flash-loan-and-price-oracle-manipulation-attacks-eff6f4c376db https://medium.com/valixconsulting/twindex-full-incident-ana... Just Google "flash loan oracle exploit" and you will see just how many time this has been done before lol.