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ID:

goldfinch-finance-951

Date:

Status:

Incident Count:

June 27, 2022

Verified

1

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

No

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Audit By:

Audits:

Trail of Bits

Loss Amount:

541,000

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Recovered:

-

Rewards:

Currency:

USD, FIDU

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Ethereum

Protocol

Yield

Flash Loans

Extended Method:

Price arbitrage

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Days in Operation:

805

(2.21 Years)

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Goldfinch is a decentralized credit protocol that allows anyone to be a lender, not just banks.

Beosin reported that the protocol was exploited with a flash loan taking ~$541k.

The reason for the vulnerability is that an attacker can use Curve's FIDU-USDC pool to obtain $FIDU tokens and thus get a bonus of $USDC tokens pledged by the SeniorPool contract.

The current FIDU-to-USDC ratio in Curve is 1.03, while in SeniorPool it is 1.07, which creates room for arbitrage.

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