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ID:

kava-platform-909

Date:

Status:

Incident Count:

May 14, 2022

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

No

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Audit By:

Audits:

Certik

Loss Amount:

65,000,000

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Recovered:

-

Rewards:

Currency:

USD, UST

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Ethereum, Cosmos

Network

Chain

Contract Vulnerabilities

Extended Method:

Logic error, hardcode oracle price

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Days in Operation:

1505

(4.12 Years)

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Kava is a lightning-fast Layer-1 blockchain that combines the interoperability of Cosmos with the developer support of Ethereum.

Kava hardcoded the UST price as the oracle price while UST is significantly below $1. It took a few days before that was changed resulting in a loss of $300M in TVL. Based on USDX 170M market cap prior to depeg, this represents a loss of $65M as market cap is currently at $105M (updated on 6/1).

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