The DeFi agreement bZx released an official announcement today detailing the nature of the $ 350,000 stolen hack, the response of the bZx Foundation and how it will proceed. The announcement states that no users have lost or will lose funds. The announcement stated that the steps of the hacking:
1. Borrow 10,000 ETH from dydx, 0 collateral; 2. 5500 ETH is sent to handle 112 wBTC loan collateral; 3. 1300ETH is sent to the pivot pToken sETHBTC5x, opening a 5x short position for ETHBTC ratio; 4. Sell 5637 ETH (US $ 1.5 million) to Uniswap WBTC pool through Kyber Reserve and get 51.34 BTC (US $ 510,000); 5. Lend Compound 112 for 112 BTC and sell 112 WBTC in Uniswap WBTC pool for 6800 ETH; 6 . Return 3200 ETH + 6800 ETH (sell 112 BTC for profit) = 10000 ETH to dydx.
The total profit for this series of events is 1193 ETH, which is currently valued at $ 298,250 ETH.