The attacker received 370,000 USDC as a result of an attack on Nereus Finance

Avalanche-based DeFi platform Nereus Finance suffered an arbitrage attack using a flash loan worth 51 million USDC. Productionhacker amounted to approximately 370,000 USDC, as calculated by CertiK. 

Using borrowed funds, the attacker manipulated the prices of AVAX tokens on Nereus. After the completion of arbitrage transactions and the return of the loan, about 370,000 USDC remained in his address.

What are Flash Loans (instant loans)?

The attacker then transferred the funds from the Avalanche blockchain to Ethereum. He had 194 ETH (~$310,000) and 15,850 DAI on a matching address on the network of the second largest cryptocurrency by capitalization.

Data: Blockscan.

Most of the ether in four transactions of 45The hacker sent ETH to the addresses of the FixedFloat digital asset exchange platform. At the time of writing, he has 12.7 ETH and all 15,850 DAI left in his Ethereum wallet.

The Nereus Finance team confirmed the attack:

«This incident affected one market, and the NXUSD protocol as a whole remains over-secured. We are conducting the recovery process and will soon publish the results of the investigation.

NXUSD is pegged to the US dollaralgorithmic stablecoin from Nereus Finance. Against the backdrop of the incident, asset quotes fell to around $0.89. At the time of writing, the token has not regained parity with the underlying asset and is trading at around $0.96 (CoinGecko).

Data: CoinGecko.

Recall that the US Federal Bureau of Investigation named the initiation of an instant loan as one of the three most popular vectors of attacks on DeFi projects.

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