Avalanche DeFi staking platform suffers flash loan attack

Avalanche-based DeFi staking platform – Nereus Finance – suffered a flash loan arbitrage attack. On-chain data from Snowtrace revealed that the attacker launched the exploit with a $51 million flash loan.

These funds were then used to execute a flash loan attack that manipulated token pricing on the staking platform. While the entity behind the attack did pay back the $51 million loan, they still had $370,000 in USDC stablecoin after the completion of the arbitrage trade.