Akropolis DeFi Platform Hacked for $2 Million in DAI

On Nov 13, 2020 at 2:01 pm UTC by · 2 mins read

Ana Andrianova, the Akropolis founder and CEO, has denied allegations that the latest attack was done similarly to the one DeFi protocol Harvest Finance encountered in October.

Akropolis is the latest decentralized finance (DeFi) project to be hacked through flash loans. The Gibraltar-based DeFi platform runs a protocol that generates interest on pooled Ethereum-based assets. The latest reports reveal that hackers managed to exploit saving pools and got away with over $2,051,159 in DAI stablecoins. They later moved the funds to a different address away from Akropolis.

The project announced:

“At ~14:36 GMT we noticed a discrepancy in the APYs of our stablecoin pools and identified that ~2.0mn DAI had been drained out of the yCurve and sUSD pools.”

Akropolis said via Twitter that it had discovered a hack that was executed across a body of smart contracts in the saving pools. The firm explained that the areas that these cybercriminals targeted had already been audited twice. They only included “Curve Y and Curve sUSD savings pools.”

Ethereum blockchain records indicate that the criminals stole 2,030,850 Dai (DAI) by exploiting saving pools. Since then, the firm published on its site that most of the funds are safe and it decided to suspend all stablecoin pools. For now, Akropolis is exploring different ways of reimbursing affected users.

How the Akropolis Attack Happened

Ana Andrianova, the Akropolis founder and CEO, has denied allegations that the latest attack was done similarly to the one DeFi protocol Harvest Finance encountered in October. In this case, hackers exploited over $24 million from Harvest’s pools and exchanged it for renBTC (rBTC).

According to Akropolis, the exploit utilized “a combination of a re-entrancy attack with dYdX flash loan origination”. The security firm that audited smart contracts for Akropolis, CertiK, did not find the two attack vectors that the hackers used. The firm also allegedly audited lending protocol bZx that has been compromised thrice in 2020.

CipherTrace reported on November 10 that while the hacks on DeFi protocols were almost negligible in 2019; they currently account for 20% of cryptocurrency losses from the hacks and thefts. The report said:

“The surge in DeFi was what ultimately attracted criminal hackers, resulting in the most hacks for the sector this year.”

Other news from the crypto world can be here.

Share:

Related Articles

8 Korean Banks Just Made a Massive Move on Stablecoins, Here’s What’s Coming

By June 25th, 2025

Eight of South Korea’s leading banks have teamed up to launch a stablecoin pegged to the Korean won, marking a bold step toward digital asset adoption

Circle Overtakes Nvidia Trading Volume as CRCL Soars on Stablecoin Buzz

By June 23rd, 2025

Circle’s market cap has climbed above $62.9 billion, now surpassing the value of its own USDC stablecoin supply near $61 billion. The surge follows Senate approval of stablecoin regulation legislation.

Corporations Want Solana, Will SOL Price Hit $500+ This Cycle?

By May 29th, 2025

As corporations like DeFi Dev Corp. and Sol Strategies ramp up their Solana investments, SOL’s bullish fundamentals are gaining strength, eyeing $500+.

Exit mobile version