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ID:

xave-finance-1199

Date:

Status:

Incident Count:

October 9, 2022

Verified

1

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

None

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Audit By:

Audits:

Monoceros Alpha

Loss Amount:

-

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Recovered:

-

Rewards:

Ticker:

USD, xRNBW

Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Ethereum

Dapp

Dexes

Contract Vulnerabilities

Extended Method:

Lack of access control to DaoModule

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Days in Operation:

30

(0.08 Years)

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Xave Finance allows financial services companies (“fintechs”) to leverage next generation payments systems for real time remittance transfers and high yield consumer savings

Beosin Alert reported an exploit against Xave finance allowing an attacker to mint 100,000,000,000,000 $RNBW.

According to Beosin, the attacker first created the attack contract 0xe167cdaac8718b90c03cf2cb75dc976e24ee86d3 to call the DaoModule 0x8f90 contract's executeProposalWithIndex() function to execute a proposal.

The proposal is to call the mint() function to mint 100,000,000,000,000 $RNBW and transfer ownership to the attacker.
Finally the hacker swapped them to $xRNBW, which sit at the attacker's address 0x0f44f3489D17e42ab13A6beb76E57813081fc1E2. Currently, it has a value of $251,408,066,584.46.

This essentially devalues the protocol to zero and there appear to be no intention to cash that out.

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