$4M Drained: Pike, Grand Base, Sumer, and Squid Game Coin Fall to Wallet Leaks and Broken Logic
Pike Finance lost $1.6M from a storage misalignment. Grand Base had its deployer wallet compromised for $2M. Sumer Money took a $310K hit via reentrancy. Squid Game Coin bled $87K from a flawed swap logic. The common thread? State assumptions crumbling under edge-case pressure.
In Brief
Pike Finance was exploited for $1.6M.
Grand Base’s private keys were compromised.
Sumer Money suffered a $310K reentrancy attack.
Squid Game Coin was targeted in an $87K attack.
Hacks Analysis
Pike Finance | Amount Lost: $1.6M
On April 30th, the Pike Finance exploit on the Ethereum Mainnet, Optimism, and Arbitrum chains resulted in a $1.6M loss. The root cause of the hack was a storage layout misalignment caused by a new dependency. The attacker manipulated the receiver address and amounts due to insufficient security measures within the CCTP protocol. The team acknowledged the incident, discontinued the Pike Beta version, and offered the attacker a 20% bug bounty reward.
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Exploit Contract (on Arbitrum Chain): 0x7856493B59cdb1685757A6DcCe12425F6a6666a0
On April 15th, the Grand Base exploit on the Base Chain resulted in a $2M loss. The root cause of the exploit was the compromise of Grand Base’s deployer wallet. The unauthorized access to the deployer wallet allowed the attacker to mint and sell GB tokens. The Grand Base team acknowledged the incident and announced they are working on freezing the attacker’s wallets and recovering the stolen assets.
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Exploit Contract (on Base Chain): 0x2aF864fb54b55900Cd58d19c7102d9e4FA8D84a3
On April 12, 2024, the Sumer Money exploit on the Base Chain resulted in a $300K loss. The root cause of the exploit was a reentrancy attack. The attacker used 150 WETH and 645,000 USDC in flash loans to mint sdrETH and sdrUSDC tokens. By exploiting the repayBorrowBehalf() function, the attacker recursively borrowed and repaid sdrETH and sdrUSDC tokens and manipulated the exchange rates.
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Exploit Contract (on Base Chain): 0x23811C17BAc40500deCD5FB92d4FEb972aE1E607
On April 8th, the Squid Game Coin exploit on the BNB Chain resulted in a $87K loss. The root cause of the hack was a flaw in the swap contract logic. The attacker used 10,000 WBNB in flash loans to get 163,138,366 SQUID tokens. The attacker then called the sellSwappedTokens() function multiple times, taking advantage of the arbitrage opportunity. The Squid Game Coin team acknowledged the incident and blacklisted the exploiter.
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Exploit Contract (on BNB Chain): 0xd309f0Fd5C3b90ecFb7024eDe7D329d9582492c5
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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.
