88MPH

DESCRIPTION OF EVENTS

"88mph is a fixed-rate yield-generation protocol." "88mph is a fixed-rate yield-generation protocol on Ethereum that allows users to deposit assets, earn fixed-rate interests, and farm for MPH tokens." You can "lend your crypto assets at a fixed interest rate or buy some floating-rate bonds. By doing so, you earn upfront $MPH token and system rewards." "Earn fixed-rate interest on your crypto and MPH rewards." "[L]end your crypto assets at a fixed interest rate with infinite liquidity." "The first mainnet version was launched in April 2020." The team "started working on a new version of the protocol in June and did [their] first security audit at that time, with the help of an Aave grant."

"88mph protocol is controlled by the MPH community who have the power to shape the future of the protocol. the governance treasury receives the MPH tokens paid back by depositors when they withdraw their deposits. The MPH community can propose and vote on various proposals ranging from protocol parameter changes to smart ways of using the capital assets stored in the treasury for creating new incentives, capitalization, and at the end growth."

"On November 17, two vulnerabilities were discovered in the 88mph project, resulting in an exploit that accumulated to a $100K loss. Luckily, some funds were rescued in the Uniswap pool." "88mph was attacked by exploiting a business logic error in the DInterest smart contract." "[O]n November 18, an attacker used the vulnerability to obtain $100,000 in MPH tokens." "The hack results in maliciously minting approximately $100K worth of MPH tokens."

"Afterwards, 88mph discovered a vulnerability in MPHMinter, the MPH token minting contract, which could allow potential attackers to steal all ETH in the Uniswap fund pool." "With the help of the legendary whitehat, samczsun, the dev team exploited another bug in the MPHMinter contract to drain the Uniswap pool for rescuring existing funds and getting the hacked funds back."

"The DeFi fixed-rate generation agreement 88mph (MPH) disclosed the processing progress of "attackers exploiting the vulnerability to mint US$100,000 MPH tokens" and has completed testing the ETH airdrop user interface activities. Currently, liquidity providers can claim the website (88mph.app/claim-eth) Claim your own ETH. 88mph will redeploy MPH later and then distribute it."

"With the help of the well-known white hat samczsun, ETH has been withdrawn into the governance multi-signature, so all funds are safe. In addition, 88mph stated that because the attacker placed $100,000 in the LP pool (liquid capital pool), the funds have been transferred to the governance wallet, and they have decided to allocate these funds to generations including MPH and ETH. Coin holders."

"Deposits of USDC, UNI, yCRV and crvRenWSBTC are SAFE and weren’t affected by this issue. No action required there. If you want to withdraw, just ask me or Zefram by DM on Discord/TG some MPH to unlock your deposit, we’ll send them from the governance multisig."

The contract was soon "[a]udited by Quantstamp while the staking contracts were forked from Synthetix." "Despite the two initial bugs, MPH has rallied anyway."

88 MPH ran a decentralized lending platform, which enabled users to earn continual interest on their crypto-assets by lending them out. The platform was exploited for $100k.

It appears that the $100k was ultimately recovered through an oversight of the hacker.

CipherTrace Cryptocurrency Crime and Anti-Money Laundering Report 2020 (Jun 20)
SlowMist Hacked - SlowMist Zone (May 18)
88mph (Jul 13)
88mph launch . Back to the future of DeFi — Monday… | by McFly | 88mph | 88mphapp | Medium (Jul 13)
88mph - Fixed Interest Rate Lending Protocol (Jul 13)
88mph | Stats, Charts and Guide | DeFi Pulse (Jul 13)
88mph Incident Root Cause Analysis (Jul 13)
88mph Mphminter Contract Issue (Jul 13)
@88mphapp Twitter (Jul 13)
No Title (Jul 13)
@88mphapp Twitter (Jul 13)
This new Ethereum DeFi token that suffered a bug rallied 375% today anyway | CryptoSlate (Jul 13)
88MPH DeFi Token Rallied By 375% After Suffering A Bug: Report | CoinGenius Hosts Virtual Crypto Event (Jul 13)

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