Impossible Finance has once again done quite literally the impossible, by having been hacked and then, shockingly, witnessing part of the funds sent back by the attacker once again.
Hi Impossible Community, earlier today there was a flash loan attack on our IF Swap. User’s funds are safe and remain our number one priority.— Impossible Finance (@impossiblefi) June 21, 2021
Thank you for your support and we are confident for a full recovery from this isolated incident.
Impossible Finance, which just at the beginning of June raised $7M from over 125 institutional and angel investors to launch their platform, which is dedicated to financial instruments on Binance Smart Chain was the latest victim of a flash loan attack on June 21.
Their Protocol is described as an attempt at creating a fair, more accessible open financial system for all and for that were backed by investors and Venture Capitalists alike. The attacker stole about $500K by using the ever present Flash Loan type exploit, albeit in a quite sophisticated way. These types of attacks have been plaguing BSC for the past two months and have made quite the headlines recently.
It is unclear how a deal was made with the attacker to send parts of the funds back, however it is rare enough to be noted. Around 1200 BNB were sent back from the total amount exploited.
It is also a testament to how public the blockchain is and the fact that every transaction can be traced and potentially help make the overall chain safer.
Impossible Finance has since deployed a 100% Compensation Plan and intends to offer every investor a solution in a professional manner. And you can find more information here in this detailed plan may you have been affected: https://medium.com/impossiblefinance/impossible-finance-100-compensation-plan-a4619ce1c1b