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Security Incident · Arbitrum Ecosystem

WOOFi Flash Loan Attack: $8.75M Reported Loss

·Historical incident record

Incident Overview

The sPMM algorithm controlling the pricing of WOOFi trades on DEX WOOFi was exploited on Arbitrum. The exploit consisted of a sequence of flash loans that took advantage of low liquidity to manipulate the price of WOO in order to repay the flash loans at a cheaper price. The exploiter repeated this attack 3 times within a very short period of time, which netted about $8.75m in profits after returning the flash loans.

Sources & References

Original incident referencehttps://woo.org/blog/en/woofi-spmm-exploit-post-mortem (opens in a new tab)

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.

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