Mango Markets hacker may use CRV to exploit Aave

time:2022-11-22 12:01 source:Internet

According to analyst firm Lookonchain, tokens from decentralized exchange Curve Finance (CRV) have been subjected to a short attack.An address linked to Mango Markets hacker Abraham Eisenberg first exchanged 40 million USDC for Aave on Nov. 13 to borrow CRV for sale.This caused CRV to start falling from $0.625 to $0.464.Also today, Eisenberg borrowed another 30 million CRV ($14.85 million) through two transactions and transferred it to OKEx for sale.The Lookonchain team suggested that the transaction was done to lower the price of the token, “so many people who used CRV as collateral will face liquidation.”In response to the intense sales, a wallet associated with the Curve founder added another 20 million CRV as collateral.At Aave, the wallet’s performance ratio was 1.65. This indicates an excess of collateral over leveraged assets.However, Arkham Analytica reported that such CRV transactions “may just be bait,” and the attacker’s primary target is Aave.Arkham alleges that Eisenberg opened a position on Aave worth more than $100 million.“The real target here was the vulnerable AAVE cycle system they mentioned last month. Using $40 million to borrow nearly $50 million from CRV could leave AAVE with serious bad debt. To liquidate the hacker’s position, Aave would not have the ability to buy back all of the CRVs it borrowed. AAVE would have to sell a significant number of tokens from the security module to cover that loss,” analysts said.
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