Earning Farm Hacked 🌋
HashingBits | Week- 32
In brief ⚡
😱 On the 9th of August 2023, Earning Farm was hacked for about $528k due to Reentrancy.
Steadifi was attacked for $1,140,000. The attacker gained control of the deployer's wallet and transferred ownership of all vaults to his own wallet.
BabyShiba2.0 was rug-pulled for about $70k
Hacks and Scams⚠️
Earning Farm
Amount of Loss: ~ $528k
Analysis
Earning Farm is a set of smart contracts that manage crypto assets.
Although the root cause of the attack was reentrancy but a flawed business logic in burning the shares was also responsible for increasing the impact of the attack.
Due to the flawed logic, nothing was burned from the attacker’s balance, and he was able to get his original amount back. Then the remaining shares that were sent were also exchanged to execute the heist.
Steadifi
Amount of Loss ~ $1.1Million
Analysis
Steadifi was attacked for $1,140,000. The attacker gained control of the deployer's wallet and transferred ownership of all vaults to his own wallet 0x9cf71F2ff126B9743319B60d2D873F0E508810dc.
An on-chain message has been sent to the exploiter's wallet address for negotiation.
Baby Shiba 2.0
Amount of Loss ~ $70k
Analysis
Baby Shiba 2.0, a popular parody of Dogecoin spotted with a rug pull for about 70k.
Explore the Depths of Knowledge: Research Papers & Blogs🔖
Decoding Earning Farm's 528k Exploit
The article discusses the Elliptic Curve Digital Signature Algorithm, a cryptographic technique used to sign transactions of Ethereum and other similar Blockchains.
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Web3 Community Spotlight🔦
This was a dark month for the World of Web3.
We lost more than $𝟯𝟬𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 in 25 cunning hacks in the month of July.
Check out our monthly hack post.
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