Info@NationalCyberSecurity
Info@NationalCyberSecurity

Linear Finance Suffers Attack, Hacker Drains All ℓUSD Liquidity | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker


DeFi protocol Linear Finance suffered a security attack on September 21, resulting in draining of liquidity from decentralized exchanges. 

The exploit of protocol smart contract allowed attackers to mint unlimited amount of ℓAAVE, a collateral token on Linear.

Linder shared that the attacker claimed stablecoin ℓUSD using AAVE collateral tokens and swapped all ℓUSD from liquidity pools on PancakeSwap and Ascendex. This resulted in stablecoin’s price going to zero. 

Following the attack, Linear paused paused all smart contracts that allowed to mint, burn or swap tokens as well as it disabled bridge contract for ℓUSD. Linear team has also contacted industry leading security team to look into matter. 

The data from DeFiLlama shows that Linear Finance has a TVL of over $8 million which remains unaffected prior to this attack. Protocol’s native token LINA also avoided any major downturn despite the attack.

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Linear Finance -DeFiLlama

Also read: Kraken User Lose $4.5M USDT In a Phishing Scam

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