$6M DeFi Exploit Uncovered as Months-Long Preparation Revealed

The Summer.fi team has published an in-depth post-mortem analysis of the $6.04 million DeFi exploit that occurred on July 6, revealing a months-long preparation by the attacker.

The report concludes that the attack was not a flash loan exploit but rather a carefully planned operation that began around three months prior to the incident.

The attacker accumulated stale-valued Silo vault tokens and used them to manipulate the net asset value (NAV) of two USDC vaults, artificially inflating their share price and enabling the withdrawal of approximately $6.04 million in USDC from the protocol's liquid positions.

The losses were split between the Lower Risk USDC Vault, which lost about $5.64 million, and the Higher Risk USDC Vault, which lost roughly $400,000.