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YO Protocol encounters abnormal coin swap incident, with approximately $3.84 million stkGHO exchanged for only $122,000 USDC
BlockBeats News, January 13th, Blockchain security company BlockSec disclosed that a YO Protocol experienced a flash loan incident on the Ethereum network: approximately $3.84 million worth of stkGHO was ultimately swapped for only about $122,000 USDC.
After the incident, the YO Protocol team has taken response measures, including repurchasing GHO and re-depositing stkGHO into the treasury to mitigate the impact. Investigations show that the significant price difference may be the result of two overlapping factors:
First, the transaction initiator provided an incorrect output quote or improperly set slippage parameters, essentially causing the slippage protection to fail;
Second, an abnormal route in the executePath parameter directed the transaction to a fund pool with extremely high fees and very low liquidity, resulting in a significant fee extraction and causing severe price impact.
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