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You're reading from  Building Full Stack DeFi Applications

Product typeBook
Published inMar 2024
PublisherPackt
ISBN-139781837634118
Edition1st Edition
Concepts
Blockchain
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Author (1)
Samuel Zhou
Samuel Zhou
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Samuel Zhou

Samuel Zhou has over 15 years of software engineering experience in top high tech companies including being a blockchain developer as his hobby since 2018. In 2022, Samuel turned his enthusiasm on blockchain technology into a business by founding TiFi, which is a silicon valley based startup that builds e-Commerce platform on blockchain and brings blockchain to everyday life. Over there he has created TiFi Token that offers token rebates so people can get cash back when spending the token. Also he has built TiFi Bank which is a DeFi application that offers crypto saving, lending, trading, staking and liquidity management features. Samuel holds a Master Degree and a Bachelor Degree in Computer Science.
Read more about Samuel Zhou

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How price manipulation attacks are carried out on crypto loan systems

Price oracle manipulation is a common attack on DeFi protocols. Based on the statistics from Chainalysis (https://www.chainalysis.com/blog/oracle-manipulation-attacks-rising/), in 2022, DeFi protocols lost 403.2 million USD in 41 separate price oracle manipulation attacks. Most of the attacks impacted decentralized crypto loan systems and drained the assets of smart contracts, which caused a huge loss for investors and users.

For decentralized crypto loan systems, oracle manipulation attacks are usually not caused by the defects of smart contracts themselves. The attacks happen due to the vulnerability of the price oracles that are being used. Before diving into how to build a reliable price oracle, we need to understand how these attacks happen. We will see an example by attacking the crypto loan system we built in Chapter 11, An Introduction to Crypto Loans and Chapter 12, Implementing an Asset Pool Smart Contract...

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Building Full Stack DeFi Applications
Published in: Mar 2024Publisher: PacktISBN-13: 9781837634118
© 2024 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Samuel Zhou

Samuel Zhou has over 15 years of software engineering experience in top high tech companies including being a blockchain developer as his hobby since 2018. In 2022, Samuel turned his enthusiasm on blockchain technology into a business by founding TiFi, which is a silicon valley based startup that builds e-Commerce platform on blockchain and brings blockchain to everyday life. Over there he has created TiFi Token that offers token rebates so people can get cash back when spending the token. Also he has built TiFi Bank which is a DeFi application that offers crypto saving, lending, trading, staking and liquidity management features. Samuel holds a Master Degree and a Bachelor Degree in Computer Science.
Read more about Samuel Zhou

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