Whale Loans Incident Analysis

**Executive Summary:** On 20 June Whale Finance's stablecoin AMM pools (USDT/BUSD and USDC/BUSD) were exploited because the contract used an incorrect k invariant formula for stable pairs (degree mismatch), allowing an attacker to drain approximately $12K; the report includes attacker addresses, exploit transactions, the vulnerable code path in WhaleswapPair.sol, and asset tracing showing funds consolidated to a single account.