Prices of tokenized Google stock inflated 7,700% in rare DeFi lending exploit

Cryptoast

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While the market for tokenized shares is gaining ever more market share, an attack has just targeted the Edel Finance protocol specialized in the lending and borrowing of these tokens. A manipulation of the wGOOGLx that allowed to multiply its value by 78, resulting in an uncollectible debt of $403,000. The article A tokenized share of Google at $27,800? It exploits a flaw and leaves with $403,000 appeared first on Cryptoast.

DiarioBitcoin

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Edel Finance stopped its smart V1 contracts after an attacker exploited a price failure in the oracle of his loan protocol with tokenized shares, generating about $403,000 in uncollectible debt. The incident involved collateral based on a wrapped version of tokenized shares of Alphabet, Google’s matrix, whose value was artificially inflated about 78 times before it was used to borrow against the protocol. *** Edel Finance paused all its V1 contr…