On Oct. 27, decentralized finance (DeFi) lockup protocol Crew Finance said that over $14.5 million value of tokens had been exploited by way of the Uniswap v2 to v3 migration operate on its platform. As told by blockchain safety agency PeckShield, the hacker transferred liquidity from Uniswap v2 belongings on Crew Finance to an attacker-controlled v3 pair with skewed pricing. By locking tokens to the contract, the attacker bypassed current validation mechanisms and pocketed the large leftovers as a refund for revenue.
Uniswap v3 was designed with higher effectivity for liquidity suppliers (LP) than v2 on its decentralized change. Nevertheless, v2 good contracts are nonetheless operational, and customers should work together with a migration good contract emigrate their LP belongings from v2 to v3. PeckShield estimated that the preliminary assault vector required for this interplay value simply 1.76 Ether (ETH).
Drained belongings embody USD Coin (USDC), CAW, TSUKA and KNDA tokens, because the liquidity swimming pools had been “moved” to Uniswap v3. On the decentralized change, among the affected tokens, reminiscent of CAW, suffered steep worth declines as a result of exploit and subsequent liquidity crunch.
Crew Finance mentioned that the good contract had been beforehand audited and urged the hacker to “get involved with us for a bounty cost.” Consequently, builders have briefly paused all exercise on the protocol and declare that every one funds on the platform aren’t susceptible to an additional exploit. Based in 2020, Crew Finance and its mum or dad agency, TrustSwap, present token liquidity locking and vesting companies for mission executives. The protocol claims to have $3 billion secured throughout 12 blockchains.
With vesting intervals longer than Liz Truss’ employment historical past… https://t.co/1Wo6RwqsFg can maintain you safer than the British economic system this winter!
Lock your tokens at this time and maintain the Truss away. pic.twitter.com/QYPhjg7HQo
— Crew Finance (@TeamFinance_) October 21, 2022
