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ETH 研究摘要
闪贷攻击导致损失：2020年2月至2024年7月期间，闪贷攻击在72起事件中造成了12.11亿美元的损失。这些攻击占同期254起去中心化金融（DeFi） exploits总损失65.68亿美元的18.44%。
平台分布：超过80%的闪贷损失发生在以太坊网络上。
攻击类型：包括一起造成1.81亿美元损失的治理漏洞利用在内的四种攻击类型，导致了超过81%的总损失。
趋势变化：随着攻击者策略的转变，逻辑漏洞利用占闪贷损失的比例从28%上升至55%。
研究方法
这项研究由温彻斯特大学的Tim Hall教授和瑞士风险情报公司SyntiFi的前合伙人Remo Stieger共同完成。研究团队扫描了七个网络上的206.3亿笔区块链交易，包括以太坊、Base、Optimism、Arbitrum、BNB Chain、Avalanche和Polygon。这是首次将刑事研究方法与此类链上数据相结合的研究。由于完整论文设有付费墙，部分细节基于大学发布的摘要。
闪贷允许用户在不提供抵押品的情况下借款，但必须在同一笔区块链交易中偿还，否则整个交易将被撤销。虽然这种机制常用于套利交易，但攻击者也可利用其在极短时间内以几乎零成本借入巨额资金进行攻击。
损失来源与攻击分析
Researchers divided attacks into 14 types, mainly divided into two categories: price oracle manipulation and protocol logic flaws. Among them, price oracle attacks, donated feature utilization, re-entry attacks, and a governance attack that alone caused a loss of US$181 million, these four types caused more than 81% of the total loss.
Although logical exploit occurs less frequently, a single attack causes greater losses. Its share of flash loan losses was 28% from 2020 to early 2022, and rose to 55% from 2022 to mid-2024. Losses from a single attack range from $80,000 to $197 million, with single losses of more than $10 million accounting for more than 88% of the total losses.
Research documented a case of a platform that was attacked by flash loans: the vulnerability of the platform had passed internal inspections and reviews by multiple external audit agencies, but it had not been discovered on the chain for more than a year. According to researchers, the attacker then ridiculed the platform online, causing some victims to directly contact the attacker to report the impact of the loss.
Representatives of the platform divided attackers into two categories: amateur researchers and professional state-affiliated or organized criminal groups (such as North Korea). Representatives pointed out that from a technical perspective, professional attacks are "not advanced." However, these attacks often lead to the disbanding of teams on affected platforms, even if the stolen funds are later recovered.
Conclusion and Outlook
During the entire study period, flash loan losses exceeded 0.5% of total flash loan lending in just one six-month period. At the same time, the use of flash loans continues to rise. The authors point out that attacks are becoming increasingly complex and unpredictable, but this does not pose a threat to DeFi's survival. Research emphasizes that flash lending itself is a legitimate tool, and attacks mainly exploit weaknesses around the platform.
Although the study ended in July 2024, the related damage continues. For example, decentralized exchange Bunni was closed in October 2025 due to a $8.4 million loophole involving flash loan manipulation and rounding errors in its pricing system.
