Lazy Summer Protocol Exploit Results in $6.04M Loss
The Lazy Summer Protocol experienced a significant exploit due to a flaw in NAV/share price calculation. An attacker manipulated the system using flash loans, leading to a loss of approximately $6.04 million.
The exploit occurred in the USDC vaults of Lazy Summer Protocol, which is part of Summer.fi. The attacker took advantage of a flaw in the net asset value calculation, inflating the vault's NAV by about 9.5%.
By utilizing flash loans and pre-accumulated overvalued Silo tokens, the attacker was able to redeem at the inflated price. This manipulation resulted in the extraction of approximately $6.04 million from other depositors.