Onyx Suffers Breach As Attacker Swaps ETH For PEPE, 'Precision Loss' Of Over $2M
Portfolio Pulse from Murtuza Merchant
Decentralized finance (DeFi) protocol Onyx suffered a security breach resulting in a loss of about $2.1 million due to a flaw termed as 'precision loss'. The attacker took out a flash loan of a substantial amount of ETH, swapped it for PEPE, and manipulated the exchange rate. The vulnerability stemmed from an older forked rendition of Compound V2, a component deeply integrated into Onyx's foundational structure.
November 01, 2023 | 3:35 pm
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NEGATIVE IMPACT
The security breach at Onyx involved a substantial amount of ETH being taken out as a flash loan, swapped for PEPE, and used to manipulate the exchange rate. This could potentially impact the perception of ETH's security.
The security breach at Onyx involved a substantial amount of ETH, which was used to manipulate the exchange rate. This could potentially impact the perception of ETH's security and, in turn, its price. However, the overall impact on ETH's price may be limited due to its large market cap and liquidity.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75