Flash loans allow users to borrow a high amount of assets without having to provide any upfront collateral, this is often used by miscreants to launch attacks on DeFi protocols.
The scammer deployed a custom smart contract, leveraging a $51 million flash loan to manipulate the AVAX/USDC Trader Joe LP pool price for a single block.
NFT marketplace Magic Eden noted that it “seems to be a widespread SOL exploit at play" and called on users to revoke permissions for any suspicious links in their Phantom wallets.
