Orbit, Radiant, Concentric: $88M Lost to Keys and Cold Starts
Orbit Chain lost $81.6M after its owner key signed off on withdrawals. Concentric’s deployer key let the attacker mint and drain. Radiant Capital got front-run six seconds post-deploy into a $4M price manipulation. MangoFarm faked its way to a $1M exit. From stolen keys to uninitialized markets, these aren’t isolated incidents; they’re systemic lapses in deploy-time security.
In Brief
Concentric lost $1.8M due to private key compromise.
MangoFarm blamed for a $1M rug pull.
Radiant Capital suffered a $4M loss due to price manipulation.
Orbit Chain got hacked for $81.6M.
Hacks Analysis
Concentric | Amount Lost: $1.8M
On January 22nd, the Concentric exploit on the Arbitrum chain resulted in a $1.8M loss. The root cause of the exploit was a compromise of the deployer key, which allowed the attacker to update the CONE-1 contract. Following the update, the attacker was able to call the public adminMint() function and drain funds from the liquidity pool. The Concentric team acknowledged the incident and suspended all transactions.
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Exploit Contract (on Arbitrum Chain): 0xf36c407f3c467e9364ac1b2486aa199751ba177d
On January 7th, the MangoFarm rug pull on the Ethereum mainnet resulted in a $1M loss. The exploiters impersonated Mango Markets, which is another decentralized finance platform, to deceive users. Both the MangoFarm Twitter account and website are now inaccessible.
On January 3rd, the Radiant Capital exploit on the Arbitrum chain resulted in a $4M loss The root cause of the attack was a price manipulation vulnerability in newly deployed contracts lacking liquidity. The attacker identified Radiant Capital’s most recent contract and deposited funds into it just six seconds after deployment. This action enabled the attacker to manipulate the price of the rUSDCn token and make a profit. The Radiant Capital team confirmed that they are working on recovering the stolen assets.
Exploit Contract (on Arbitrum Chain): 0xc0249d743a17ed44b4f9ee611b51d26ab2e26444
On December 31st, the Orbit Chain exploit on the Ethereum mainnet resulted in a $81.6M loss. The root cause of the exploit was a compromise of the owner’s private key. The attacker was able to create signatures for the private _validate() function using the private key. The drained funds include ETH, USDT, USDC, DAI, and WBTC tokens. The total value locked (TVL) on Orbit Chain has decreased from $152M to $61.8M.
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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.
