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ID:

synthetix-1108

Date:

Status:

Incident Count:

May 2, 2022

Near-Miss

3

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

-

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Recovered:

-

Rewards:

150,000

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Multi-Chain

Protocol

Derivatives

Near-Miss

Extended Method:

Logic error due to the incorrect usage of formula to calculate rebate.

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Days in Operation:

1395

(3.82 Years)

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Whitehat thunderdeep14 submitted a critical bug in Synthetix via Immunefi, which the Synthetix team then shortly patched.

Synthetix’s SIP 236, https://sips.synthetix.io/sips/sip-37/, illustrates how fee reclamation and rebate features work in Synthetix. This means that if the price of the destination token falls, the synth would rebate the destination token.

The vulnerability happens because Synthetix used the wrong variable, i.e., if the destination price decreases, then synth would rebate the difference in the destination token. The function _exchange utilized the sourceAmount variable to calculate the amount that has to be rebated to the destination but did not do a post-reclaim check on it to see whether the amount is accurate relative to the dest token value.

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