Neko Network hacked. Over $2M in Stablecoins stolen in latest DeFi attack

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Just days after the strange Robin Hood attack on the Poly Network, today yet another attack has been reported, this time with the Neko Network hacked to the tune of over $2M in stablecoins

Just days after the strange Robin Hood attack on the Poly Network, today yet another attack has been reported, this time with the Neko Network hacked to the tune of over $2M in stablecoins, almost $400,000 BUSD and 1 BTCB.

Neko Network Hacker uses loophole in lending protocol to drain liquidity

It appears the Neko Network hackers figured out a loophole in the lending protocol on the Binance Smart Chain, which was use to mortgage assets in the name of the users, but with the borrowed funds being sent directly to the attackers wallet.

After the Neko Network hack was announced, the company froze its asset pools to prevent further losses, but it was too late to prevent the hacker from using PancakeSwap to exchange the stolen tokens to BNB. Interestingly, the attacker then returned 2871 of the 6390 BNB tokens to a wallet controlled by the Neko Network team, but this left them with a profit of over 3500 BNB which the hacker appears to be sending to the Tornado Cash mixer in multiples of 100.

Neko Network is a product from the zero-coupon money market protocol Maze Protocol.

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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