Nov 2024 - Sweepr Token Smart Contract Public Emergency Withdraw - $14k (Global)
"Unlocking the Future of NFT Investments"
"Sweepr is an NFT liquidity flywheel fueled by competitive governance battles between various NFT communities.
Sweepr acquires floor price NFTs selected by bi-weekly Sweepr Acquisition Proposals (SAP) where four NFT communities go head to head utilizing thier xSWEEPR as voting power to elect one victorious collection.
The winning collection receives a treasury sweep and is deployed as NFT/ETH liquidity on NFT-Fi platforms such as NFTX, SudoSwap, and Floor Protocol."
"The Sweepr Token (SWEEPR) on ETH was suspected to have been attacked, resulting in a loss of approximately $14K."
"Hold xSWEEPR to opt-in to revenue share rewards, liquidity mining incentives, and governance proposals."
"Claim your share of revenue and liquidity mining incentives. Rewards and governance power are calculated and distributed based on a user's staked xSWEEPR amount."
"Leverage your governance power and vote on your favorite NFT collection in Sweepr proposals. Directly support creators and NFT ecosystems by voting in Sweepr Acquisition Proposals that help deepen liquidity and strengthen floor price."
"Using funds from the Treasury, Sweepr sweeps the floor of the winning collection and subsequently deploys liquidity to NFT-Fi platforms."
"The Sweepr Token (SWEEPR) on Ethereum has been suspected of an attack, resulted in about $14k in losses. Though there is not much detail known about the suspected attack, there is some information about the transaction hash and sender/ receiver addresses."
"The emergencyWithdrawToken function in contract 0x6641 appears to lack proper access control, enabling anyone to drain the contract's $SWEEPR tokens.
MEV frontrunner Yoink quickly seized this profit opportunity—easy money!"
$14k
Further Analysis
Sweepr was an NFT liquidity platform that allowed NFT projects to go head to head to select the more popular NFT, which would be purchased at floor prices by the treasury. On November 22nd, their smart contract was deployed without an access limitation on the emergency withdraw functions. It turns out that MEV bot owner "Yoink" wanted to withdraw the funds in an emergency. The protocol website and some social media appear to have been shut down subsequently.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
AkashaLife/AK1111 Free Public Minting Vulnerability > > < < JRNY Crypto Theft Private Key Leakage
Sources/Further Reading
Ethereum Transaction Hash (Txhash) Details | Etherscan
(Dec 31)
Sweepr Token (SWEEPR) Token Tracker | Etherscan
(Dec 31)
Crypto Security Incidents November 2024 (Dec 31)
BlockThreat - Week 47, 2024 (Dec 31)
@TenArmorAlert Twitter (Dec 31)
Sweepr (Dec 31)
Sweepr (Dec 31)
Sweepr (Dec 31)
Sweepr (Dec 31)
Sweepr (Dec 31)
Instagram (Dec 31)
Wayback Machine (Dec 31)
@sweepr_fi Twitter (Dec 31)
Sweepr price - SWEEPR to USD price chart & market cap | CoinBrain (Dec 31)
https://www.coingecko.com/en/coins/sweepr (Dec 31)
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