The attack wasn't sophisticated in nature, but rather took advantage of bad protocol design and lack of security audits.
According to a post-mortem analysis provided by CertiK of the $5.8 million Lodestar Finance exploit that occurred on Dec. 10,
6. 2.8 Million of the GLP is recoverable, which is worth about $2.4 million. We are going to reach out to the hacker and...In a similar instance, CertiK said that Lodestar Finance hackers"artificially pumped the price of an illiquid collateral asset which they then borrow against, leaving the protocol with irretrievable debt."
The attack occurred through a vulnerability in the PlutusDAO's plvGLP token on Lodestar. According to its documentation, Lodestar"uses verified, secure Chainlink price feeds for every asset it offers with the exception of plvGLP." Instead, the exchange rate of plvGLP to GLP relied on total assets divided by total supply on Lodestar.
The borrowings quickly consumed all liquidity on the platform, leading the hacker transfer the funds out of Lodestar and leaving users with bad debt. It is estimated that the exploiter made a total of $6.9 million in profits through the attack vector.
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