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Detail Analysis

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Date:

Status:

Count:

Contributor:

March 17, 2021

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Verified

2

zerofriction.io

Loss Amount:

170,000

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Recovered Amount:

-

Currency:

Dollars

KYC By:

Audit By:

None

None

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Website:

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Multi-Chain

Protocol

Assets

Contract Vulnerabilities

Extended Method:

Change the reward rate integer

Data Sources:

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Recently, Iron Finance, a stablecoin mortgage platform based on Binance Chain, was attacked. Two vFarm liquidity pools (50% IRON—50% SIL pool; 50% IRON—50% BUSD pool) lost a total of 170,000 US dollars. Later, the official publication of the incident stated that: 1. The cause of the attack was due to the upgrade of the cloud service (FaaS) and the change in the reward rate integer, but the official team was not aware of the problem. Later, an attacker made a profit of 170,000 U.S. dollars by selling all the local token SIL rewards. 2. The Iron Finance smart contract has no loopholes. 3. vFarms will be restarted on March 18th, and SIL tokens will be restarted to sIRON. 4. Users should not sell or exchange IRON tokens for the time being. When the new pool is restarted, the full amount of BUSD can be redeemed. The Iron Finance agreement was launched on the BSC in early March. The IRON stablecoin is pegged to the U.S. dollar, partly backed by collateral such as BUSD and USDT, and partly backed by the SIL algorithm.

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Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.