AlkemiEarn exploit analysis
AlkemiEarn's `borrow` accepted a flash-loaned balance and priced the utilisation at the flash-low state. DeFiHackLabs reconstructs the on-chain in-block borrow drain.
- Reported loss
- 43.45 ETH, per DeFiHackLabs
- Occurred
- Logged
- Source
- DeFiHackLabs
Logged as “2026-03-10: Business Logic on AlkemiEarn”.
Analysis1 min read
AlkemiEarn's borrow accepted a borrowed amount and updated the borrower's recorded debt against the live utilisation ratio. The attacker opened a flash-loaned balance, borrowed at a temporarily low utilisation, and walked the borrow out before the next block.
DeFiHackLabs reconstructs the sequence against the live Ethereum state; total loss is captured in the PoC.
What would have prevented it: a borrow that prices the utilisation against a multi-block average rather than the live state.
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Updated 14 Oct 2026. Figures are as reported by the sources listed above and are not independently verified.
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