TheStandard.io Hack Analysis
TheStandard.io Hack Analysis
Overview:
On November 6, 2023, TheStandard.io suffered an attack due to a lack of slippage protection, leading to an approximate loss of over 290K USD.
Smart Contract Hack Overview:
- Attacker address: 0x09ed48
- Vulnerable Contract: 0x29046f
- Attack contract: 0xb589d4
- Attack Transaction: 0x51293c
Decoding the Smart Contract Vulnerability:
- The exploitation’s root cause was the absence of slippage protection during collateral swapping, resulting in a loss of approximately $290K.
- The attacker initiated a CDP (SmartVaultV2) by using 10 WBTC as collateral to generate 290,000 EUROs.
- Following this, the attacker compelled the SmartVaultV2 contract to conduct a manipulated swap in the WBTC/PAXG pool, leveraging a previously opened sole position.
- This manipulation enabled the draining of liquidity and the seizure of all WBTC collateral from the SmartVaultV2 contract.
- Consequently, the protocol incurred bad debt, while the attacker profited from the minted EUROs.
Mitigation and Best Practices:
- 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:
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