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News Explorer — DeFi Exchange Linear Finance Suffers Liquidity Drain Attack

Generated by AI, curated by humans

Sep 21, 5:18 pm

The Block

DeFi Exchange Linear Finance Suffers Liquidity Drain Attack

Hong Kong-based DeFi protocol Linear Finance experienced an attack that resulted in the draining of all liquidity of its Linear USD token. The attacker was able to mint an unlimited supply of ℓAAVE and traded it for ℓUSD before selling it on PancakeSwap and Ascendex. Linear Finance has paused contracts, disabled the ℓUSD Linear bridge contract, and is working to rectify the situation.

Hong Kong-based DeFi protocol Linear Finance experienced an attack that resulted in the draining of all liquidity of its Linear USD token. The attacker was able to mint an unlimited supply of ℓAAVE and traded it for ℓUSD before selling it on PancakeSwap and Ascendex. Linear Finance has paused contracts, disabled the ℓUSD Linear bridge contract, and is working to rectify the situation.

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