WOOFi Reports $8.75 Million Loss, Offers 10% Bounty for Return

WOOFi, a decentralized finance platform, experienced an exploit on March 5th that targeted its swap feature on the Arbitrum network. The event resulted in a loss of approximately $8.75 million in crypto assets. The platform said it has initiated efforts to recover these funds and has offered a 10% whitehat bounty to the exploiter. Additionally, a bounty has been placed on Arkham Intelligence for anyone providing additional information. The exploiter borrowed around 7.7 million WOO and other assets, selling the tokens on WOOFi. This action caused WOOFi’s sPMM to inaccurately adjust WOO to an extremely low price, enabling the exploiter to swap out 10 million WOO in the same transaction nearly cost-free.

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