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More than $400,000 was lost after Premia Labs’ vault contract on Arbitrum was attacked on Nov. 1, according to GoPlus, a Web3 security data infrastructure provider.
GoPlus said anyone can deploy option pools through the factory contract, but the vault lacked sufficient verification to determine whether it could interact safely with those pools. The attacker created six empty option pools, then used a flash loan to buy options and induce the vault to lock collateral in those pools before extracting the collateral through the pools’ liquidity mechanism.