$464 000 USD

FEBRUARY 2022

GLOBAL

RIGOBLOCK

DESCRIPTION OF EVENTS

"Organizing the World’s Value. RigoBlock is an open protocol that makes token management universally accessible." "RigoBlock describes itself as an open standard for asset/token management built on existing blockchains. It was founded in 2016 by Gabriele Rigo in Lugano, Switzerland. It has been live since November 2018 on the Ethereum main network."

 

"RigoBlock is a blockchain protocol that makes it possible for anyone to set up and run a digital token pool. It is an open protocol which developers can use for building their own applications for token management."

 

"On February 17, 2022 RigoBlock lost $464K due to the missing access control on a function controlling token allowances." "RigoBlock has been hacked. All tokens in Dragos except ETH and USDT are at risk due to protocol vulnerabilities being exploited. The hacker, Whitehat, has returned funds to the affected RigoBlock pool, leaving only 10% of the bug bounty reward."

 

"In RigoBlock Dragos, all versions as of 2022-02-17 and later (until a major protocol update is accomplished) contain an exposed function (CWE-749), specifically setMultipleAllowances() which was not set to onlyOwner. The setMultipleAllowances() function can be to manipulate tokens with the contract."

 

"Ref: CWE-749: Exposed Dangerous Method or Function. The software provides an Applications Programming Interface (API) or similar interface for interaction with external actors, but the interface includes a dangerous method or function that is not properly restricted."

 

"RigoBlock has been hacked. All tokens in Dragos but ETH and USDT are at risk due to an exploited protocol vulnerability. The fix will require a major protocol upgrade, please don’t use RigoBlock."

 

"Purchases and sales of RigoBlock pools is safe, everyone looking to withdraw their own funds can do that without risk."

 

"UPDATE: whitehat has returned recovered funds to the affected RigoBlock pool, minus a 10% bug bounty reward." "We have contacted @ethermine_org regarding the remaining funds which were part of the whitehat frontrun transaction." "After the situation in cleared up, treasury funds will be used to compensate the affected RigoBlock pools for their loss."

RigoBlock had an exploit on their smart contract hot wallet, where the access controls had not been set up properly. The protocol was exploited and 160.86 ETH was taken. The attacker later returned 90% of the funds, keeping the remaining 10% as a bounty. The returned funds are anticipated to be redistributed to affected users.

Sources And Further Reading

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