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ID:

punk-protocol-271

Date:

Status:

Incident Count:

August 11, 2021

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

8,950,000

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Recovered:

5,000,000

Rewards:

Currency:

USD, USDC, USDT, DAI

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Ethereum

Protocol

Stablecoins

Contract Vulnerabilities

Extended Method:

Contract vulnerabilities

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Days in Operation:

590

(1.62 Years)

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Punk Protocol, the decentralized annuity protocol, stated that it encountered an attack during the fair launch process, causing a loss of 8.9 million US USD. Later, the team recovered another 4.95 million US USD and transferred it to a secure wallet. The Punk Protocol team stated that the attacker found a critical loophole (Initialize function does not do repeated initialization check) in the investment strategy and extracted more than 8.9 million U.S. USD of three stable currency assets (USDC, USDT, DAI) from the Forge-CompoundModel module, but a white hat hacker noticed The attacker's intent was reached, so a transaction was executed, which was able to recover $4.95 million. The lost funds have been transferred to the Ethereum currency mixing platform Tornado.cash, so it is difficult to keep track of them.

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