Gamma Strategies’ $6.2M loss came down to a 200% price change threshold that ignored flash loan realities. TelCoin’s proxy setup reused slot 0, letting attackers reinitialize logic contracts for $1.2M. Pine Protocol’s upgrade path introduced cross-version lending holes, and Transit Finance skipped token validation in a swap router. These aren’t novel vectors, they’re recurring footguns wrapped in different wrappers.
In Brief
Gamma Strategies suffered a $6.2M price manipulation attack.
TelCoin lost $1.2M due to proxy wallet implementation error.
Pine Protocol was exploited for $90K using flash loans.
Transit Finance got hacked for $115K.
Hacks Analysis
Gamma Strategies | Amount Lost: $6.2M
On January 4th, the Gamma Protocol exploit on the Arbitrum chain resulted in a $6.2M loss. The attacker used flash loans and deposited the funds into Gamma Strategies’ Hypervisor contract, artificially inflating the USDC.e token’s price and enabling the attacker to gain profits. Gamma Strategies acknowledged the incident, stating that the price change threshold to prevent flash loan attacks was set too high, allowing a price change range of up to 200%. They assured that the price change threshold would be lowered to avert future exploits.
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Exploit Contract (on Arbitrum chain): 0x45EF94207E84d667D739270eE0e65AD311f74B34
On December 25th, the TelCoin exploit on the Polygon chain resulted in a $1.2M loss. The exploit’s root cause was an initialization error during the proxy contract deployment. The attacker took advantage of a mismatch in storage slot 0 between the proxy and implementation contracts, allowing reinitialization of malicious contracts. There were a total of 4,958 transactions to drain funds. TelCoin acknowledged the incident and restored balances for all affected users.
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Exploit Contract (on Polygon chain): 0xdf7837de1f2fa4631d716cf2502f8b230f1dcc32
On December 22nd, the Pine Protocol exploit on the Ethereum Mainnet resulted in a $90K loss. The root cause of the exploit was that Pine Protocol’s shared pools between old and new contract versions enabled an attacker to exploit fund transfers from a single address to different pools. The attacker used this flaw to borrow assets from the new version contract, using them as collateral to borrow more from the old version contract. After repaying the debt to the new version contract, both old and new version contracts wrongly assumed all debt was paid.
On December 20th, the Transit Finance exploit on the BNB chain resulted in a $115K loss. The root cause of the hack was the lack of input validation in Transit Finance’s UniswapV3Router contract. The attacker called the private _executeV3Swap() function with a fake token pair and was able to manipulate the actualAmountIn value. This vulnerability allowed the attacker to drain a total of 36 ETH and 147 BNB.
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Exploit Contract (on BNB chain): 0x00000047bb99ea4d791bb749d970de71ee0b1a34
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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.
