Redemption, a “yield optimization mechanism” for the Fantom (FTM) blockchain, is now under attack; the price of its own tokens has more than tripled due to malicious interference.
According to the Redemption DeFi protocol team’s official announcement, a major coordinated flash loan attack occurred today, April 18, 2022.
We are currently being targeted by a coordinated flash loan attack. We are dealing with the situation, and will update as we have more details.
— Redemption (@RedemptionPO) April 18, 2022
Redemption was alerted to this attack by PeckShield, a top-tier blockchain security firm. It was reported around 12:30 p.m. UTC that unusual transactions were taking place on Fantom’s (FTM) high-performance blockchain.
The project that used Redemption for FTM-based “yield farming” verified the attack and advised its customers to reduce liquidity as soon as possible while refraining from selling native assets 2OMB and 3OMB.
Representatives verified losses of 4 million 2OMB tokens, or $1,600,000 in equivalent, at the peak of the attack at press time. Prices are now returning to normal.
PeckShield specialists made a suggestion to victims: they could significantly adjust the inputs for one of the parameters.
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