Avalanche-based lending protocol Nereus Finance becomes the latest victim of a smart contract exploit. The hacker deployed a custom smart contract, leveraging a $51 million flash loan to manipulate the AVAX/USDC Trader Joe LP pool price for a single block. This exploit allowed the anonymous hacker to mint 998,000 worth of Nereus' native token NXUSD against $508,000 worth of collateral.