Hacker Saves $10 Million In Ethereum From Inevitable Theft An Ethereum Smart Contract Containing 25,000 ETH Turned Out To Be Up For Grabs—but A Group Of Security Experts Intervened.

Hacker Saves $10 Million In Ethereum From Inevitable Theft An Ethereum Smart Contract Containing 25,000 ETH Turned Out To Be Up For Grabs—but A Group Of Security Experts Intervened.



4 years ago

~3.5 mins read

A blockchain security researcher and whitehat hacker, known as samczsun, today published a detailed "post mortem" of an undercover operation that resulted in the rescue of 25,000 ETH, worth over $9.6 million at the time. The funds were saved from a vulnerable Ethereum smart contract.

On September 15, samczsun was looking through Ethereum smart contracts in search of vulnerabilities (like he often does). Eventually, he discovered what later turned out to be a part of Lien Finance's protocol: a smart contract that contained over 25,000 ETH.

Only these funds could've been taken by anyone.

According to the post, the smart contract contained a "burn" function. Essentially, this allowed any users to mint themselves a lot of valueless tokens and exchange them for all the ETH stored on the contract, getting away with a cache worth nearly $10 million. For DeFi's sake, Samczsun decided to intervene.

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