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ID:

paribus-1542

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Date:

Status:

Incident Count:

April 11, 2023

Verified

1

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

None

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50 pts

Audit By:

Audits:

Hacken

Loss Amount:

70,000

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Recovered:

-

Rewards:

Ticker:

USD, pETH

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100 pts
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Platform:

Type:

Category:

Method:

Data Sources:

Arbitrum

Protocol

Lending

Contract Vulnerabilities

Extended Method:

Reentrancy attack

Days in Operation:

15

(0.04 Years)

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100 pts each

Paribus.io on Arbitrum was exploited in a reentrancy attack for 37 ETH. Paribus is a cross-chain borrowing and lending protocol for NFTs, liquidity positions, and synthetic assets, built for the Cardano blockchain.

The root cause was that the pETH redeem function contains a low-level vulnerability which was marked as mitigated when it was not. As the redeem function was executed on the pETH pool, the redeemed funds were in ETH and subsequently utilized by the fallback() function. During the fallback() execution, the pETH balance remained unaltered, which allowed the attacker to use the collateral to borrow from the pUSDT and pWBTC pools. The nonReentrant modifier did not protect against this attack, as the pUSDT and pWBTC pools are separate contracts. Upon the completion of the redeem function in the pETH pool, the total losses amounted to approximately 20,000 USDT from the pUSDT pool, 0.7 WBTC from the pWBTC pool, and 13 ETH from the initial borrow.

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