A digital asset lending platform linked to Crypto.com may have suffered losses exceeding $74 million after an attacker manipulated the price of a token used as collateral, according to blockchain security firm PeckShield. The attacker was able to borrow more than $74 million from the platform and has already withdrawn at least $6 million, the firm said. The exploit was tied to a price manipulation weakness involving the collateral token, leaving the platform exposed to heavy losses. At this stage, the name of the platform involved has not been disclosed. The extent of Crypto.com’s exposure also remains unclear. The incident was cited by Bloomberg Crypto in the source report.
A digital asset lending platform linked to Crypto.com may have lost more than $74 million after an attacker manipulated the price of a token used as collateral, according to blockchain security firm PeckShield.
PeckShield said the attacker borrowed more than $74 million from the platform and has already withdrawn at least $6 million.
The exploit took advantage of a price manipulation vulnerability tied to the collateral token, exposing the platform to major losses.
The name of the platform involved has not been disclosed. Crypto.com’s level of exposure also remains unclear. Bloomberg Crypto was cited in the source report.
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