A #flashloan attack on @UpswingFinance resulted in the loss of ~22 ETH (~$35.5K)
The project has appeared inactive since Oct. 2020 and was attacked using price manipulation.
A thread👇
It was a price manipulation attack caused due to the design flaw of the $UPStkn token - the _transfer function of the token.
The attack occurred in three key steps👇
1) the attacker uses 18 swaps to lift $UPStkn's sell pressure. Also, during the swaps, the attacker swaps 1.31 Ether for 136,299.97 UPStkn.
2) The attacker transfers zero UPStkn to himself for triggering the internal function releasePressure that further burns the pool's 573,300.39 $UPStkn, which lifts the UPStkn's price.
3) the attacker sells the 136,299.97 UPStkn for 24.877 #Ether at a manipulated price.
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