New Gold Protocol loses $2M in flash loan exploit post-launch
The project breached hours after launch, as hackers exploit smart contract flaw using flash loans
Key Takeaways
- New Gold Protocol, a new DeFi platform, was exploited for $2 million via a flash loan attack.
- The exploit occurred soon after launch, indicating weaknesses in the smart contract's transfer logic.
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New Gold Protocol, a recently launched DeFi staking project, lost $2 million in a flash loan exploit that targeted vulnerabilities in its smart contract code.
The attack occurred shortly after the protocol’s launch, with hackers using flash loans to manipulate asset prices and drain funds from the platform’s liquidity pools.
Flash loans allow instant, unsecured borrowing that must be repaid within the same blockchain transaction, making them a popular but risky DeFi tool.
The exploit appears to have targeted flaws in the protocol’s transfer logic, the programmed rules that govern how tokens move between users and pools.
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