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ID:

armorfi-1151

Date:

Status:

Incident Count:

January 30, 2021

Near-Miss

2

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

-

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Recovered:

-

Rewards:

876,000

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Ethereum

Dapp

Insurance

Rewards - Bug Bounties

Extended Method:

Logic error on claimManager.sol in ETH-WI conversion

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Days in Operation:

621

(1.70 Years)

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Alexander Schlindwein, CTO of Ideamarkets, submitted a critical bug to Immunefi for ArmorFi’s smart contract code. Armor, which had joined the Immunefi platform about a week prior, had just upgraded the size of its bug bounty to 1,000,000 mostly vested $ARMOR tokens, and the upgrade was too tempting to ignore.

The way this vulnerability works is relatively simple: some user with coverage makes a claim against a coverage pool in Armor, presumably after suffering some sort of event covered by the policy.

However, rather than withdrawing the amount of the policy, the exploit allows them to get 10^18 as much as they purchased. A single dollar worth of coverage could have enabled a malicious attacker to withdraw far more assets than available.

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