Hackers strike once more this week, this time on the expense of an out there exploit inside Temple DAO’s code. Temple’s “STAX Finance” protocol, which offered a liquidity pool of TEMPLE and FRAX tokens was exploited early Tuesday, leading to $2.3M value of tokens seized by the hacker.
Let’s take a look at what we all know within the early hours of the exploit.
Down Goes The Temple
The protocol suffered a vulnerability within the staking ‘migrateStake’ operate, in accordance with blockchain auditors Paladin. The exploit was first referred to as out by Spreek on Twitter. Arguably essentially the most weird a part of the entire thing is that the funds have been probably out there for the taking for a while. In line with respected dev 0xfoobar, the funds have been “out there on chain for months,” leaving fairly a bit to be desired from all events concerned.
Temple DAO was seemingly unaudited, because the good contract code right here didn’t match the invoice of a multi-million greenback liquidity pool; because the aforementioned assets name out, the exploit was surprisingly simple. The exploiter merely used an previous staking name code and a pretend tackle to withdraw the LP funds. The vulnerability was out there to be taken benefit of for a number of months.
The Temple DAO's exploiter swapped LP tokens for ETH funds on their method out. | Source: ETH-USD on TradingView.com
The Exploits Proceed
Sleuths have already found that the exploiter’s pockets was funded from a Binance pockets, so it’s fairly doable that Binance seems into monitoring down that pockets (STAX has suggested that they’re “following up with Binance and can initialize a white hat bounty for the exploiter”). In any other case, this current exploit is simply one other one to chunk the mud, sadly.
Nonetheless, it’s removed from the ‘nail within the coffin’ for the lesser-known Temple DAO. In line with DefiLlama, the DAO has a complete worth locked (TVL) simply shy of $60M – so it ought to reside to see one other day.
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