BlockSec Thwarts Flash Loan Attack on Usual Protocol
The post BlockSec Thwarts Flash Loan Attack on Usual Protocol appeared on BitcoinEthereumNews.com. Real-time defense by BlockSec’s Phalcon prevented a complex DeFi exploit on Usual Multi-stage attack involved flash loans and contract manipulation but was blocked early Usual incident highlights rising need for automated security in cross-chain DeFi protocols A sophisticated hacking attempt on the Usual Protocol was stopped in its tracks thanks to real-time detection by BlockSec’s Phalcon system. The attack, which unfolded on May 28, targeted the decentralized stablecoin platform across multiple blockchains. Usual, known for its fiat-backed token infrastructure, paused operations temporarily to assess the situation. BlockSec revealed that its intelligent security system intercepted the attack before any assets were lost. This swift response marks a growing trend of DeFi protocols turning to automated tools for constant protection. Multi-Stage Exploit Uncovered Before Damage Could Be Done BlockSec’s monitoring revealed that the attacker used a multi-stage strategy to target critical areas of the Usual ecosystem. The attacker’s wallet initiated over fifteen smart contract calls, probing various financial functions. These included liquidity pool queries and aggressive manipulation of token approval settings. By gathering data and attempting to escalate permissions, the attacker aimed to exploit value from within the protocol. Related: BlockSec Spots Suspicious Activities on BSC Network; Suspects Hacks Significantly, the use of flash loans formed a key part of the attempted breach. These uncollateralized, instant loans are often used to manipulate market behaviors. The suspect transactions indicated attempts to borrow and deploy large volumes of tokens in rapid succession. Additionally, efforts to modify contract permissions on several tokens suggested an intention to compromise system logic. Phalcon System’s Real-Time Defense Saves Millions The Phalcon platform identified the exploit pattern using real-time analysis of contract interactions. It flagged the abnormal behavior and stopped the malicious contract calls before any funds could leave the network. BlockSec confirmed that no financial loss occurred, thanks to…
The post BlockSec Thwarts Flash Loan Attack on Usual Protocol appeared on BitcoinEthereumNews.com.
Real-time defense by BlockSec’s Phalcon prevented a complex DeFi exploit on Usual Multi-stage attack involved flash loans and contract manipulation but was blocked early Usual incident highlights rising need for automated security in cross-chain DeFi protocols A sophisticated hacking attempt on the Usual Protocol was stopped in its tracks thanks to real-time detection by BlockSec’s Phalcon system. The attack, which unfolded on May 28, targeted the decentralized stablecoin platform across multiple blockchains. Usual, known for its fiat-backed token infrastructure, paused operations temporarily to assess the situation. BlockSec revealed that its intelligent security system intercepted the attack before any assets were lost. This swift response marks a growing trend of DeFi protocols turning to automated tools for constant protection. Multi-Stage Exploit Uncovered Before Damage Could Be Done BlockSec’s monitoring revealed that the attacker used a multi-stage strategy to target critical areas of the Usual ecosystem. The attacker’s wallet initiated over fifteen smart contract calls, probing various financial functions. These included liquidity pool queries and aggressive manipulation of token approval settings. By gathering data and attempting to escalate permissions, the attacker aimed to exploit value from within the protocol. Related: BlockSec Spots Suspicious Activities on BSC Network; Suspects Hacks Significantly, the use of flash loans formed a key part of the attempted breach. These uncollateralized, instant loans are often used to manipulate market behaviors. The suspect transactions indicated attempts to borrow and deploy large volumes of tokens in rapid succession. Additionally, efforts to modify contract permissions on several tokens suggested an intention to compromise system logic. Phalcon System’s Real-Time Defense Saves Millions The Phalcon platform identified the exploit pattern using real-time analysis of contract interactions. It flagged the abnormal behavior and stopped the malicious contract calls before any funds could leave the network. BlockSec confirmed that no financial loss occurred, thanks to…
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