Binance Smart Chain
Days in Operation:
The hacking of the revenue aggregator Merlin Lab stems from a logical loophole in MerlinStrategyAlpacaBNB. The contract mistakenly uses the BNB transferred by the beneficiary as mining revenue, which makes the contract issue more MERL as a reward. After repeated operations, the attacker made a profit of 300,000 US USD. MERL was cut short, falling from $16.23 to $6.09. The issue? It was rewarding 35 merlin (worth over $500 before exploit) for every BNB (worth ~$300). In summary, Merlin's reward system miss-calculated rewards and gave more Merlin Tokens in value than it has received.
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