$2 million stolen from cryptocurrency service Akropolis

Crytocurrency Blogs | IEMLabs

Akropolis is a Defi (decentralized finance) lending and savings protocol which allows users to take loans and earn interest on crypto deposits. But recently, this cryptocurrency service faced a “flash loan” attack and the hacker stole around $2 million worth of cryptocurrency. Of late, flash loan attacks have become very common against cryptocurrency services running Defi platforms. Flash loan attacks take place when hackers loan funds from a DeFi platform but then use exploits in the platform code to escape the loan mechanism and get away with the funds.

Akropolis said that the attack took place in the afternoon (GMT time zone) and due the attack, Akropolis admins had to pause all the transactions on the platform to prevent further losses. Though Akropolis has hired two firms to investigate the incident neither company could provide any information about the attack vectors used in the exploit. However, Akropolis was able to identify the attacker’s Ethereum account which can be used to track funds as they move around the blockchain.

Acropolis has notified major cryptocurrency exchanges about the hack and is trying to have all the funds frozen to prevent attackers from laundering funds into other forms of cryptocurrencies. It is also exploring ways to reimburse users for the loss.

By Hrithik Lall

IEMLabs is an ISO 27001:2013 and ISO 9001:2015 certified company, we are also a proud member of EC Council, NASSCOM, Data Security Council of India (DSCI), Indian Chamber of Commerce (ICC), U.S. Chamber of Commerce, and Confederation of Indian Industry (CII). The company was established in 2016 with a vision in mind to provide Cyber Security to the digital world and make them Hack Proof. The question is why are we suddenly talking about Cyber Security and all this stuff? With the development of technology, more and more companies are shifting their business to Digital World which is resulting in the increase in Cyber Crimes.

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