Belt Finance: Flash Loan + Price/Share Manipulation (Incorrect Share Valuation)
Belt Finance was drained of $6.3M when an attacker used 8 simultaneous $385M flash loans to repeatedly manipulate share valuations across BSC yield strategies in a near-identical replay of the Harvest Finance hack.
Summary #
Belt Finance suffered a Yield Aggregator / Stablecoin Strategy Vault on 2021-05-29, resulting in a loss of approximately $6M.
What happened #
Belt Finance was drained of $6.3M when an attacker used 8 simultaneous $385M flash loans to repeatedly manipulate share valuations across BSC yield strategies in a near-identical replay of the Harvest Finance hack.
Linked factors #
- RD-F-099 — illustrative : Oracle price deviation > X% from secondary source — RT signal would have fired [via realtime_signals/Oracle anomaly (Y/N): Y — price manipulation via Ellipsis swaps distorted share valuations]
- RD-F-100 — illustrative : Flash loan > $10M origination — RT signal [via realtime_signals/Unusual borrowing (Y/N): Y — 8 simultaneous flash loans from PancakeSwap ($385M BUSD)]
- RD-F-111 — causal : Team doxx status — pseudonymous-no-track-record class [via dashboard_risk_factors/Team anonymity: Partially anonymous (BSC-era project)]
- RD-F-126 — causal : Is-a-fork-of (Cat 8 anchor) [via dashboard_risk_factors/Forked?: Yes — described as "fork of a fork"]