Oct 2024 - Base Blockchain Unverified Compound Fork Lending Exploited - $1m (Global)
"Base is a secure, low-cost, developer-friendly Ethereum L2 built to bring the next billion users to web3."
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"ALERT! Our system has detected a suspicious transaction targeting an unknown project on #Base, resulting in a loss of approximately $1M. The affected project appears to be a #Compound fork, with multiple markets being drained. As the contracts are not open-source, we suspect this may be a classic price manipulation attack caused by reliance on Uniswap's spot price."
Further Analysis
An unidentified smart contract on the Base Blockchain (which was originally derived from the Compound Finance protocol) was exploited through a price manipulation exploit. In total, $1m USD with of funds were lost. There is no clarity as to whether this protocol had a given name or how the development team may be assiting any affected users.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Aark Digital Incorrect Balance Update Exploit > > < < Bitfinex Proceeds US Government Controlled Wallets Breached
Sources/Further Reading
Base Transaction Hash (Txhash) Details | BaseScan
(Dec 31)
@Phalcon_xyz Twitter (Dec 31)
DeFiHackLabs/src/test/2024-10/CompoundFork_exploit.sol at main · SunWeb3Sec/DeFiHackLabs · GitHub (Dec 31)
Base (Dec 31)
https://www.coinbase.com/en-ca/blog/introducing-base (Dec 31)
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