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ID:

merlin-lab-319

Date:

Status:

Incident Count:

June 28, 2021

Verified

3

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

Hacken

Loss Amount:

300,000

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Recovered:

-

Rewards:

Currency:

USD, BNB, MERL

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Binance Smart Chain

DApp

Contract Vulnerabilities

Extended Method:

Logic error

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Days in Operation:

0

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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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