link.png

ID:

iron-finance-375

Date:

Status:

Incident Count:

March 17, 2021

Verified

2

info.png
target.png
REKT

Contributor:

chain.png

zerofriction.io

KYC By:

KYC:

None

info.png

Audit By:

Audits:

DeFiSafety

Loss Amount:

170,000

info.png

Recovered:

-

Rewards:

Currency:

USD

info.png

Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Multi-Chain

Protocol

Assets

Contract Vulnerabilities

Extended Method:

Change the reward rate integer

info.png

Days in Operation:

0

chain.png
chain.png
chain.png
chain.png
datasource.png

Recently, Iron Finance, a stablecoin mortgage platform based on Binance Chain, was attacked. Two vFarm liquidity pools (50% IRON—50% SIL pool; 50% IRON—50% BUSD pool) lost a total of 170,000 US USD. Later, the official publication of the incident stated that: 1. The cause of the attack was due to the upgrade of the cloud service (FaaS) and the change in the reward rate integer, but the official team was not aware of the problem. Later, an attacker made a profit of 170,000 U.S. USD by selling all the local token SIL rewards. 2. The Iron Finance smart contract has no loopholes. 3. vFarms will be restarted on March 18th, and SIL tokens will be restarted to sIRON. 4. Users should not sell or exchange IRON tokens for the time being. When the new pool is restarted, the full amount of BUSD can be redeemed. The Iron Finance agreement was launched on the BSC in early March. The IRON stablecoin is pegged to the U.S. dollar, partly backed by collateral such as BUSD and USDT, and partly backed by the SIL algorithm.

info.png

DISCLAIMER: While web3rekt has used the best efforts in aggregating and maintaining this database, this web site makes no representations or warranties with respect to the accuracy or completeness of its information and data herein, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall web3rekt be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the data and information derived from this database.