2,000,000% APY Trap: $6 Million Drained in Ethereum DeFi Exploit
Summer.fi, formerly Oasis.app, lost $6 million in DAI after a hacker exploited a flash loan of $65.4 million to inflate the APY of its "LazyVault_LowerRisk_USDC" pool to 2,080,000%, enabling an instant withdrawal. The attack targeted a vault overseen by Block Analitica and affected large players, including Torben Jorgensen, co-founder of UDHC, who deposited 8.6 million USDC before the exploit. Summer.fi paused compromised contracts, while DeFi losses from cyberattacks exceeded $840 million by Q3 2026.
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The exploit highlights the risks of flash loans in DeFi protocols. Notably, Summer.fi's use of a third-party vault overseen by Block Analitica may have introduced additional vulnerabilities. It's worth considering that the true cost of such attacks may be higher than reported, as some losses might not be publicly disclosed, potentially understating the total impact of DeFi cyberattacks.