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Invezz 2024-03-06 09:01:16

WOOFi faces $8.75M exploit on Arbitrum, offers bounty for return of funds

Decentralized finance platform WOOFi has experienced a $8.75 million exploit targeting its swap service on the Arbitrum network. The incident unfolded on Tuesday at 10:49 am ET when an unidentified attacker skillfully manipulated WOOFi’s Synthetic Proactive Market Making (sPMM) algorithm using flash loans. Breakdown of the WOOFi exploit According to a post-mortem report released by

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