Hacker Steals 2$ Million From Akropolis Savings Pools

By José Oramas November 14, 2020 In Crypto News, DeFi, Hackers

Akropolis (AKRO), the Crypto DeFi platform, recently tweeted on November 12 that their savings pools were hacked by the amount of 2$ million dollars worth in DAI, apparently, in a Flash Loan attack. 

According to Akropolis, the hack was executed “across a body of smart contracts” in the savings pools. The firm added that their staking pools are “safe” — and the hack only affected CurveY and Curve sUSD savings pools. 

In a statement, the firm noticed a “discrepancy in the APYs of our stablecoin pools”. Reports from the ETH blockchain show that the hackers were able to gather a total of $2,051,159 million in DAI. Later, the hacker sent the funds to a different address where they are currently held.

Now the entire Akropolis protocol is paused — its stablecoin pools remain suspended as the security team is currently working on several procedures in the affected areas. The firm informed major exchanges about the attack — and their security processes are under review as well.


Researcher Steven Zheng reported on Twitter about the hacker’s transaction. Zheng also stated that the hacker was executing batches of $50,000 attacks 7 hours later. 

Zheng, as well as many other crypto users, suggested that this hack was similar to the Harvest Finance project hack — a market price manipulation made with flash loans exploits. “This is not entirely true”, said Ana Andrianova, Akropolis founder, discarding Zheng’s suggestion about the attack being similar to Harvest Finance.

Harvest Finance was a DeFi project led by an anonymous team. The attack caused millions of dollars worth of FARM tokens stolen by hackers. As a result, its prices fell over 60% at press time.

While its users are now fearful about the future of their savings, the Akropolis team stated that “most funds are safe” and that they are exploring ways to refund the users affected by the hack. 

“We are exploring ways to reimburse users for the loss in a way that is sustainable for the project, and will make a proposal to the community prior to any final decision being made.” As a sideline, the firm stated one of the next steps is a post-mortem publication with their analysis as soon as possible.

José Oramas

José Oramas

José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.

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