BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Polygon’s Decentralized Exchange QuickSwap Exploited For $220,000

by BlockNews Team
October 25, 2022
in Breaking News, Crypto, DeFi
A A
Polygon’s Decentralized Exchange QuickSwap Exploited For $220,000
1
SHARES
Share on TwitterShare on Reddit

QuickSwap, a Polygon-based decentralized finance (DeFi) platform, has been exploited for $220,000. This occurred through a flash loans attack “due to a vulnerability with the Curve Oracle,” according to QuickSwap. 

QuickSwap DEX Experiences A Flash Loans Attack

QuickSwap, a decentralized exchange built on Polygon, was exploited for more than $220,000, according to the DEX. The attack occurred on the Market XYZ lending market, which according to QuickSwap, was the only compromised platform. The exploit, initially linked to Qi DAO, was first reported by Peckshield, a blockchain security and data analytics company, in a Twitter post saying, “Hi, @QiDaoProtocol, you may want to take a look.” The security analysis firm later clarified that the attack was not linked to Qi DAO, which issues the mimetic stablecoin, and attributed it to QuickSwap, saying:

“Looks like @QuickswapDEX @market_xyz @QiDaoProtocol was exploited on polygon again.” 

This followed a clarification by Qi DAO, who told its users over a Twitter post:

“Following the report from @peckshield, we’ve seen some suspicious transactions within a @market_xyz @QuickswapDEX market. This is NOT related to QiDao contracts, and funds on http://mai.finance are safe. We are monitoring the situation. Please keep an eye out for official updates.”

The decentralized crypto exchange later confirmed the exploit of crypto worth $220,000 using flash loans, saying that the platform was halting its services. The Twitter statement read:

“QuickSwap Lend is closing. $220k was exploited in a flash loans attack due to a vulnerability with the Curve Oracle, which @marketxyz was using. Only the Market XYZ lending market was compromised. QuickSwap’s contracts are unaffected.”

The statement assured the users that their investments were safe as the Qi DAO protocol provided the funds used on Market XYZ. The DEX also urged users who had deposited funds in the Market XYZ open markets to “withdraw them now, as we are in the process of closing them down.” “QuickSwap is strongly encouraging Market xyz to compensate Qi Dao for their losses fully, ” the post noted.

So What Now?

Even though QuickSwap promised to provide updates early on Monday, users have waited for more than 36 hours with no clarification on the issue at press time. 

According to an initial analysis by QuickSwap, the attacker manipulated prices and borrowed funds at inflated prices. The attacker has since transferred the funds back to ETH and deposited them on Tornado Cash, a mixing service subjected to several sanctions. 

QuickSwap is a fork of the Uniswap DEX, one of the most known DeFi applications in the crypto industry. However, unlike Uniswap, QuickSwap does not run on Ethereum but Polygon, the blockchain which hosts the 12th biggest cryptocurrency by market capitalization, MATIC.

DEXs platforms are continuously becoming more and more vulnerable to attacks. Since there is no insurance as there would be on a centralized exchange, as users are entirely in control of their funds, the funds are usually lost forever if they are not recovered. 

QuickSwap’s attack is the latest in a growing list of exploits this year, with October already the worst month ever for crypto attacks.

Tags: DeFipolygonQuickSwap
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?
Crypto

Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?

May 30, 2025
These 3 Cryptos Could Become Industry Standards in the Next 5 Years
Bitcoin

These 3 Cryptos Could Become Industry Standards in the Next 5 Years

May 30, 2025
These 3 Crypto Coins Could SKYROCKET in the Next 3 Months: Still Early
Crypto

These 3 Crypto Coins Could SKYROCKET in the Next 3 Months: Still Early

May 30, 2025
BTC AT RISK: Quantum Tech Threatens Bitcoin’s Security, Warns Billionaire Chamath Palihapitiya
Bitcoin

BTC AT RISK: Quantum Tech Threatens Bitcoin’s Security, Warns Billionaire Chamath Palihapitiya

May 30, 2025
JPMorgan Issues Bearish Outlook on Ethereum: Should You Sell or Buy?
Crypto

JPMorgan Issues Bearish Outlook on Ethereum: Should You Sell or Buy?

May 30, 2025
Solana SOL Price Falls Below $160 with Memecoin Market Slump: Should You Sell or Buy Now?
Crypto

Solana SOL Price Falls Below $160 with Memecoin Market Slump: Should You Sell or Buy Now?

May 30, 2025
Load More

Related News

Elon Musk Steps Down from DOGE, Remains Trump Advisor

Elon Musk Steps Down from DOGE, Remains Trump Advisor

May 30, 2025
Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?

Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?

May 30, 2025
These 3 Cryptos Could Become Industry Standards in the Next 5 Years

These 3 Cryptos Could Become Industry Standards in the Next 5 Years

May 30, 2025
These 3 Crypto Coins Could SKYROCKET in the Next 3 Months: Still Early

These 3 Crypto Coins Could SKYROCKET in the Next 3 Months: Still Early

May 30, 2025
BTC AT RISK: Quantum Tech Threatens Bitcoin’s Security, Warns Billionaire Chamath Palihapitiya

BTC AT RISK: Quantum Tech Threatens Bitcoin’s Security, Warns Billionaire Chamath Palihapitiya

May 30, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.