BSC Protocol Flashed Again ⚡
Hashing Bits || Week 42
This Week in Hacks
Yield Farming Application on Avax Blockchain suffered a Hack
Avaterra Finance, a DeFi and yield farming application on the Avalanche blockchain suffered a hack where the hacker called the mint() function from a custom element of the contract to mint unlimited tokens from the Goose forked project and later dumped thousands of tokens.
A BSC Protocol Flashed Again
Pancakehunny, a BSC protocol, became the latest victim of a flash-loan attack. The project was last attacked back in june, 2021. The hack was made possible due to a profit inflation bug which allowed a small amount of harvested ALPACA to stake for a large amount of TUSD.
Glide Finance exploited for - $300,000
Glide Finance, a DEX on the Elastos Smart Chain (ESC) was exploited for approx. $300,000. The team made a fee-change parameter post-audit and did not update a number on a contract to 10,000 from 1,000.
Vulnerability Write-ups
PancakeHunny incident report by PancakeHunny team.
Polygon Double Fix Postmortem by Immunefi.
The Analysis of Indexed Finance Security Incident by BlockSec Team.
DeFi Security
How the Opyn Ethereum Contract was hacked - Technical Review by Scott Bigelow.
How to Find Solidity Vulnerabilities by ETH Global.
[Market Make] White Hat Panel: DeFi Exploits by ETH Global
What is a Rug Pull in Crypto by Whiteboard Crypto.
DeFi in Numbers
DeFi Tops $100 Billion for First Time as Cryptocurrencies Surge - Bloomberg
More From Editor’s Desk
From the current boom and innovation in the space, it is evident that NFTs will be around for a long time, but many people in the industry are still in the dark about what they are. And on top of that, they have no idea how to defend themselves if they want to enter the NFT market, which is crucial because scammers are waiting to take advantage.
NFTs utilize blockchain technology in a similar way to cryptocurrencies. NFTs are essentially what we refer to as a 'collectors' item. However, a work of art or collectible is one of a kind if there are only a few. An NFT is yours once you obtain it. It's impenetrable and impossible to duplicate.
Just like any industry that grows quickly, the chances of scams and frauds also grow exponentially.
Apart from the obvious loopholes in the smart contracts of the NFTs, there are many potential ways in which a user can end up losing all their savings.
Let’s look at some of the most common forms of NFT scams -