'Free Money' Bug Hits DeFi Platform Alchemix

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Decentralized finance (DeFi) protocol Alchemix is investigating a bug that seemingly forgave borrowers’ loans prematurely, essentially giving them free money.

One DeFi observer on Twitter called it a “reverse rug pull,” referring to the crypto slang for when project founders abscond with user funds.

For an unknown amount of time, Alchemix borrowers could deposit ETH, get the project’s alETH token in return and then withdraw the ETH used to secure their loans without having to pay them back.

“I was successfully able to borrow alETH, and take my collateral,” user ptp1600 said in the Alchemix Discord server.

The issue seemingly affected the alETH pool, which was launched yesterday.

The Alchemix team said it’s investigating the issue and will publish a post-mortem shortly. In the meantime, “the alETH contract has been paused and will remain so until our solution is implemented,” the project tweeted.

Alchemix co-founder Scoopy Trooples did not return a request for comment by press time. 

Brady Dale contributed reporting.

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