Drift Protocol, Solv Protocol, and LAXO Token Exploits: $287M Lost to Key Compromise, Double Minting, and Price Manipulation
In Brief
Drift Protocol lost $285M after compromised private keys.
Solv Protocol lost $2.5M due to double-minting.
LAXO Token lost $190K after a burn mechanism reduced token supply and inflated its price.
Hacks Analysis
Drift Protocol | Amount Lost: $285M
On April 1st, the Drift Protocol exploit on Solana resulted in a $285M loss. The root cause of the exploit was the compromise of two multisig signers. The attacher then pre-signed transactions using Solana’s durable nonce feature which allows signed transactions to execute at any future time. The attacker created nonce accounts the week prior to the attack. Once the pre-signed transactions were executed on April 1st, the attacher was able to drain Drift Protocol vaults.
One of Many Transactions (on Solana): 5cvVsx81CNMSQ3y68oLaDPhDhqH6CJkiZDDoebZRTeNuf8UkoZ4GPnYRxt1BAidg4QtjN8bz7wqxNmJoxt8GTdBS
Solv Protocol | Amount Lost: $2.5M
On March 3rd, the Solv Protocol exploit on the Ethereum mainnet resulted in a $2.5M loss. The root cause of the exploit was a double-mint vulnerability in the BitcoinReserveOffering contract. During the mint() flow, the contract transfers an NFT from the caller, which triggers the onERC721Received() callback. The callback internally calls _mint(), issuing BRO tokens. Once the callback returns, mint() calls _mint() again with the same exchange rate, minting a second set of BRO tokens for the same deposit. The attacker repeated this loop 22 times and drained 38.05 SolvBTC.
On February 22nd, the LAXO Token exploit on the BSC resulted in a $190K loss. The root cause of the exploit was price manipulation by burning tokens and reducing the token supply. The attacker first used flash loans to buy 43M LAXO tokens and called the transfer function that burned 41M LAXO tokens. This reduced the pool’s LAXO balance to 13M and artificially inflated its price. The attacker then sold the remaining LAXO tokens and made a profit.
Press enter or click to view image in full size
Exploited Contract (on BNB): 0x62951cad7659393bf07fbe790cf898a3b6d317cb
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
Follow-up: Conduct a follow-up review to ensure that the remediation steps were effective and that the smart contract is now secure.
Follow-up: Conduct a follow-up review to ensure that the remediation steps were effective and that the smart contract is now secure.
In Brief
Remitano suffered a $2.7M loss due to a private key compromise.
GAMBL’s recommendation system was exploited.
DAppSocial lost $530K due to a logic vulnerability.
Rocketswap’s private keys were inadvertently deployed on the server.
Hacks
Hacks Analysis
Huobi | Amount Lost: $8M
On September 24th, the Huobi Global exploit on the Ethereum Mainnet resulted in a $8 million loss due to the compromise of private keys. The attacker executed the attack in a single transaction by sending 4,999 ETH to a malicious contract. The attacker then created a second malicious contract and transferred 1,001 ETH to this new contract. Huobi has since confirmed that they have identified the attacker and has extended an offer of a 5% white hat bounty reward if the funds are returned to the exchange.
