Summer.fi reveals months-long preparation behind $6M DeFi exploit
The post Summer.fi reveals months-long preparation behind $6M DeFi exploit appeared on BitcoinEthereumNews.com. Summer.fi has published a detailed post-mortem on the $6.04 million exploit that drained two of its Lazy Summer Protocol USDC vaults. It concludes that the attack was planned months in advance rather than being an opportunistic flash loan exploit. The report says the attacker spent roughly three months accumulating the assets needed to manipulate the protocol. The exploit was executed in a single atomic transaction on July 6. It also argues that the root cause was an operational issue during the offboarding of an old strategy rather than a flaw in the protocol’s smart contracts. Attack exploited incomplete offboarding process According to the post-mortem, the attacker manipulated the net asset value [NAV] of two USDC vaults. Stale-valued Silo vault tokens were donated into an Ark that had been capped during an offboarding process. However, the Ark remained included in the va