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Detail Analysis

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Date:

Status:

Count:

Contributor:

June 28, 2021

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Verified

2

zerofriction.io

Loss Amount:

300,000

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Recovered Amount:

-

Currency:

Dollars, BNB, MERL

KYC By:

Audit By:

None

None

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Website:

No data

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:

Binance Smart Chain

DApp

Contract Vulnerabilities

Extended Method:

Logic error

Data Sources:

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The hacking of the revenue aggregator Merlin Lab stems from a logical loophole in MerlinStrategyAlpacaBNB. The contract mistakenly uses the BNB transferred by the beneficiary as mining revenue, which makes the contract issue more MERL as a reward. After repeated operations, the attacker made a profit of 300,000 US dollars. MERL was cut short, falling from $16.23 to $6.09. The issue? It was rewarding 35 merlin (worth over $500 before exploit) for every BNB (worth ~$300). In summary, Merlin's reward system miss-calculated rewards and gave more Merlin Tokens in value than it has received.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

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.