BambooAI Hack Analysis
BambooAI Hack Analysis
Overview:
On July 4, 2023, BambooAI suffered a price manipulation attack due to the “public burn” issue. This led to a loss of ~53K USD.
Smart Contract Hack Overview:
Decoding the Smart Contract Vulnerability:
- The attack was initiated when the private updatePool function was invoked by the
_transferfunction - The attacker executed a flashloan for 4,042 $WBNB and performed a substantial swap of BambooAI Tokens through Uniswap.
- He then transferred 137 million $BAMBOO to the pair address, causing an increase in the price of BambooAI Tokens due to the burning of tokens during the transfer process.
- The exploiter then made use of the skim function to withdraw the surplus tokens to their own address.
- The attacker repeated the above steps to further escalate the price of $BAMBOO tokens making a huge profit out of the hack.
Mitigation and Best Practices:
- Transfer and burn functions should be validated with extensive test cases to make sure the token price is not inflated/deflated.
- Always validate your code by writing comprehensive test cases that cover all the possible business logic.
- To prevent such vulnerabilities, the best Smart Contract auditors must examine the Smart Contracts for logical issues. We at CredShields provide smart contract security and end-to-end security of web applications and externally exposed networks. Schedule a call at https://credshields.com/
- Scan your Solidity contracts against the latest common security vulnerabilities with 130+ detections at SolidityScan .
Conclusion:
SolidityScan is an advanced smart-contract scanning tool that discovers vulnerabilities and reduces risks in code. Request a security audit with us, and we will help you secure your smart contracts. Signup for a free trial at https://solidityscan.com/signup
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