DeFi Platform Woofi Exploited: Hackers Reportedly Swipe $8.75M in Cryptocurrencies
Decentralized finance (DeFi) platform Woofi fell victim to a sophisticated attack, resulting in the illicit extraction of $8.75 million in cryptocurrencies. The hackers attacked Woofi Swap's Synthetic Proactive Market Making (sPMM) algorithm on March 5th, which is the backbone of the pricing mechanism on the Arbitrum network. According to a recent report from the Woofi team, the attackers utilized a pattern of flash loans to manipulate the value of Woofi's native token, WOO.
