When $FLM launched in 2020, it peaked at $1.6B TVL. Last week? Drained to near-zero in a single exploit.
3 days later. Radio silence from @Neo_Blockchain.
No warnings. No post-mortem. No recovery plan. Just a few Discord whispers.
The Attack:
Someone (anon or insider, take your pick) minted 2.19 TRILLION $FLM by exploiting a vulnerability between Flamingo's lending and staking contracts. Then dumped it all for anything liquid—wiped the LPs clean. Only 11k $bNEO left behind because the OrderBook contract physically couldn't handle the imbalance. Some $FUSD also remained. Even the Flamingo team doesn't know why.
The Bigger Picture:
This wasn't just a hack. It's the culmination of years of neglect. Earlier this year, Flamingo maintainers publicly called out Neo Global Development and Neo Foundation for failing to deliver promised assets and support. They've been begging for code changes to lower tx costs. They don't even hold their own contract keys—NGD and NF do.
CEX delistings. Bridge failures. Promised disbursements that never came. All ignored.
Now?
Neo Council voted to freeze the attacker's wallet (NcNCXJf2H8GSHp8MYSgJRvPjznasZMy). Unclear how much has already been liquidated or moved off-chain.
Meanwhile, Neo's two co-founders are locked in a legal war over a $400M treasury. Flamingo was the last major dApp keeping the ecosystem alive.
Now Neo doesn't even have that.
3 days later. Radio silence from @Neo_Blockchain.
No warnings. No post-mortem. No recovery plan. Just a few Discord whispers.
The Attack:
Someone (anon or insider, take your pick) minted 2.19 TRILLION $FLM by exploiting a vulnerability between Flamingo's lending and staking contracts. Then dumped it all for anything liquid—wiped the LPs clean. Only 11k $bNEO left behind because the OrderBook contract physically couldn't handle the imbalance. Some $FUSD also remained. Even the Flamingo team doesn't know why.
The Bigger Picture:
This wasn't just a hack. It's the culmination of years of neglect. Earlier this year, Flamingo maintainers publicly called out Neo Global Development and Neo Foundation for failing to deliver promised assets and support. They've been begging for code changes to lower tx costs. They don't even hold their own contract keys—NGD and NF do.
CEX delistings. Bridge failures. Promised disbursements that never came. All ignored.
Now?
Neo Council voted to freeze the attacker's wallet (NcNCXJf2H8GSHp8MYSgJRvPjznasZMy). Unclear how much has already been liquidated or moved off-chain.
Meanwhile, Neo's two co-founders are locked in a legal war over a $400M treasury. Flamingo was the last major dApp keeping the ecosystem alive.
Now Neo doesn't even have that.
