Decentralized finance platform WOOFi has experienced a $8.75 million exploit targeting its swap service on the Arbitrum network. The incident unfolded on Tuesday at 10:49 am ET when an unidentified attacker skillfully manipulated WOOFi’s Synthetic Proactive Market Making (sPMM) algorithm using flash loans. Breakdown of the WOOFi exploit According to a post-mortem report released by
