Xatarrer has since reached out to Railgun for assistance. Related: DeFi hacks drop 40% in 2024, CeFi breaches surge to $694M — HackenSIR.trading’s documentation shows that it was billed as “a new DeFi protocol for safer leverage.” The stated purpose of the protocol was to address some of the challenges of leveraged trading, “such as volatility decay and liquidation risks, making it safer for long-term investing.”While it aimed for safer leveraged trading, the protocol’s documentation did warn users that despite being audited, its smart contracts could still contain bugs that could lead to financial losses — highlighting the platform’s vaults as a particular area of vulnerability.“Undiscovered bugs or exploits in SIR’s smart contracts could lead to fund losses.
The protocol’s founder, known only as Xatarrer, described the hack as “the worst news a protocol could received [sic],” but suggested they intend to try to keep the protocol going despite the setback.Source: SIR.trading on X “Clever attack” targeted contract vaultDecurity described the hack as a “clever attack” that targeted a callback function used in the protocol’s “vulnerable contract Vault” which leverages Ethereum’s transient storage feature. According to Decurity the attacker was able to replace the real Uniswap pool address used in this callback function with an address under the hacker’s control, allowing them to redirect the funds in the vault to their address.
Ethereum-based DeFi protocol SIR.trading, also known as Synthetics Implemented Right, has been hacked, resulting in the loss of its entire total value locked (TVL) — $355,000 at the time of the attack. The hack, which occurred March 30, was initially detected by blockchain security firms TenArmorAlert and Decurity, both of which posted warnings on X to alert users of the protocol.
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Author / Journalist: Cointelegraph by Jody McDonald
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