Kava Lend attacker borrowed approximately 55.2 million KAVA, worth about $3.76 million at pre-attack prices

Odaily reports: According to on-chain analysis and monitoring, the attacker borrowed approximately 55.2 million KAVA from Kava Lend, the native lending protocol on the Kava chain, on Friday evening, worth about $3.76 million at pre-attack prices. The attacker compressed the nearly idle BUSD market's net supply to a minimal value, inflating the deposit value by approximately 243,000x within about 3 minutes, then used the inflated collateral to borrow KAVA across 127 separate transactions, and used a second account to liquidate each loan to bypass borrowing limits. Approximately 49.2 million KAVA was bridged via LayerZero to BNB Chain, most of which was sold for approximately $2.09 million in BNB and USDT. On-chain data shows the attacker had been repeatedly testing the market since November 8. Kava previously stated that the incident was not unlimited minting and that the impact was limited to Kava Lend.