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HONG KONG — Summer.fi's Lazy Summer Protocol has been exploited for $6 million, with analysts attributing the breach to a flash loan attack.
The attacker reportedly deployed a $65.4 million flash loan to obtain a $70.9 million redemption from the decentralised finance protocol, according to reports.
The Mechanics: Borrowed Capital, One Transaction Flash loans allow borrowers to access large pools of liquidity within a single blockchain transaction, provided the full amount is returned before that transaction closes.
No collateral is required — an asymmetry that has made the instrument a recurring exploit vehicle across DeFi.
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