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🚨 DeFi is "hit again"!
New Gold Protocol ($NGP) has just been attacked by hackers, losing about ~2 million USD. The perpetrator exploited a single-source oracle mechanism (getPrice() retrieves the price directly from Uniswap V2), using a flash loan to pump and dump reserves, causing the price of NGP to plummet to the "doomsday price". As a result: the hacker accumulated super cheap tokens, drained the pool, and then laundered money through Tornado Cash.
After the hack, the price of NGP crashed -88%, and liquidity nearly evaporated. This is just one of a series of recent DeFi attacks, highlighting the extreme risks when a project is overly dependent on a single-point oracle.
👉 Once again, the community is gently reminded: playing DeFi means accepting the thrill. 🚀😅
This article is for entertainment purposes only, not an investment or hacking participation recommendation!
#DeFiDrama #CryptoHack #FlashLoan #BlockchainSecurity #NGP
New Gold Protocol ($NGP) has just been attacked by hackers, losing about ~2 million USD. The perpetrator exploited a single-source oracle mechanism (getPrice() retrieves the price directly from Uniswap V2), using a flash loan to pump and dump reserves, causing the price of NGP to plummet to the "doomsday price". As a result: the hacker accumulated super cheap tokens, drained the pool, and then laundered money through Tornado Cash.
After the hack, the price of NGP crashed -88%, and liquidity nearly evaporated. This is just one of a series of recent DeFi attacks, highlighting the extreme risks when a project is overly dependent on a single-point oracle.
👉 Once again, the community is gently reminded: playing DeFi means accepting the thrill. 🚀😅
This article is for entertainment purposes only, not an investment or hacking participation recommendation!
#DeFiDrama #CryptoHack #FlashLoan #BlockchainSecurity #NGP
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