An assailant targeted DeFi protocol Alpha Finance for a sum of $37.5 million earlier this morning. The exploit was discovered in the procedure’s Alpha Homora V2 item—– not Cream Finance, as lots of believed.
Another DeFi Exploit
The DeFi space has actually suffered yet another attack.
This time, it involved Alpha Finance. Though complete information are yet to surface, it appears that the make use of affected the protocol’s Alpha Homora V2 item.
Initially, members of the DeFi community pointed to Cream Finance as the root cause of the event, though the Cream team validated that its contracts were “& ldquo; operating as normal.” & rdquo; Alpha Homora integrates Cream, which led to confusion.
Alpha Finance then published their own announcement, pointing to the Alpha Homora V2 item as the make use of’s origin. They verified that they’re working with Andre Cronje and Cream Finance to examine the occurrence, and that the loophole had been repaired. They also said that they “& ldquo; have a prime suspect” & rdquo; in mind.
Dear Alpha community, we’ve been notified of an exploit on Alpha Homora V2. We’re now dealing with @AndreCronjeTech and @CreamdotFinance together on this.
The loophole has been patched.
We’re in the procedure of investigating the taken fund, and have a prime suspect already.
—– Alpha Finance Lab (@AlphaFinanceLab) February 13, 2021
Borrowing from Alpha Homora V2 has also been stopped briefly.
An Etherscan transaction reveals that the attack was worth over $37.5 million. A big piece of that amount was a loan of 13,244 ETH.