Summary # On May 14, 2024, Sonne Finance was exploited on the Optimism chain, which led to a loss of nearly $20 million worth of assets including USDC, WETH and VELO. Sonne Finance is a decentralized liquidity protocol that offers Lending, Borrowing and Earning opportunities on Optimism and Base chains. The root cause of the exploit is a precision loss smart contract vulnerability. Sonne Finance’s smart contracts are a fork of CompoundV2, and precision loss vulnerability is a well-known issue with them.
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Summary # On April 30, 2024, Pike Finance, a Cross-chain Bridge and a Lending Protocol for native assets, was exploited across the Ethereum, Optimism, and Arbitrum chains due to a smart contract vulnerability. $1.7 million worth of assets was siphoned out from the protocol. The smart contract storage misalignment issue was utilized, whith allowed the attacker to bypass owner permissions. Initially, the protocol was exploited four days before the incident, which led to a loss of nearly $300,000 and a temporary pause of operations.
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Summary # On March 5th, WOOFi Swaps’ sPMM algorithm was exploited on the Arbitrum network. The attacker used a sequence of flash loans to manipulate the price of the WOO token due to low liquidity. The exploit occurred due to a combination of the sPMM algorithm vulnerability, incorrect price adjustment, and a failure in the fallback check mechanism. The attacker was able to use flash loans to manipulate the price of WOO and drain funds from the affected pool.
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Summary # On February 14, 2024, the Miner ERC-X avatar collection experienced a critical security breach on the Ethereum Mainnet, resulting in the unauthorized withdrawal of 168.8 ETH, equivalent to approximately $466,000. The root cause of this breach was a smart contract vulnerability stemming from insufficient input validation, specifically, a double-transfer flaw. This issue enabled an attacker to exploit the contract’s transfer function, effectively duplicating their token balance by executing self-transfers, which were not properly restricted by the contract’s logic.
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Summary # Affine Protocol, a provider of cross-chain investment and savings solutions on the Ethereum Mainnet, suffered a significant exploit on February 1, 2024, resulting in a loss of $88,000. The incident was traced to a smart contract vulnerability involving insufficient user data validation. The attacker exploited a flash loan callback function in the strategy contract, manipulating it to liquidate its position and redirect funds. Affine Protocol deployed enhanced security protocols, including stricter access controls and rigorous validation processes for user inputs and transactions, and developed a remediation plan to compensate affected users.
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Summary # Abracadabra Money, a prominent leverage and lending platform in the DeFi space, was exploited on January 30, 2024, due to a smart contract vulnerability on the Ethereum Mainnet. This exploit led to the unauthorized borrowing and subsequent theft of assets, totaling over $6.5 million, including 1800 ETH and 2.2 million MIM tokens. The attacker exploited the contract’s inability to accurately track the real amount of debt due to rounding errors.
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Summary # On January 2, 2024, Radiant Capital on the Arbitrum Chain suffered a $4.6 million loss from a sophisticated exploit, involving 1902 ETH, due to a smart contract vulnerability. The attack was orchestrated by utilizing flash loans to inflate the USDC reserve liquidity index on the platform artificially. This enabled the attacker to borrow excessive WETH against the artificially high collateral value. The situation was exacerbated by a rounding error within the contract’s calculations, allowing the attacker to manipulate deposit and withdrawal transactions cleverly.
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Summary # Pine Protocol, a decentralized, non-custodial asset-backed lending platform, suffered a security breach on December 21, 2023, due to a vulnerability in its smart contract on the Ethereum Mainnet. This exploit resulted in a loss of approximately 40 ETH ($92,000), exploiting the protocol across multiple transactions. The attack was facilitated by a flaw related to shared pools between two different contracts within the platform.
Attackers # The identity of the attacker is unknown.
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Summary # On November 22, 2023, KyberSwap, a decentralized finance platform, experienced a sophisticated exploit resulting in a loss of approximately $49,000,000. The attack involved manipulating the platform’s smart contract through complex transactions. The attacker used flash loans to manipulate token prices, which enabled them to exploit a numerical anomaly in the smart contract. This allowed the attacker to double-count liquidity and withdraw substantial funds. Despite KyberSwap having failsafe mechanisms, the attacker skillfully avoided triggering these protections.
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Summary # On November 10, 2023, Raft Protocol experienced an exploit resulting in a loss of about 1,575 cbETH. The exploiter employed a sophisticated multistep attack strategy focusing on a smart contract’s precision calculation vulnerability. Initially, the attacker obtained cbETH through a flash loan before donating and liquidating the cbETH to the Interest Rate Position Manager. This maneuver manipulated the collateral token’s index rate, allowing the exploiter to systematically increase their position in small increments, exploiting a rounding issue in the mint function.
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