AUTOSHARK

DESCRIPTION OF EVENTS

"AutoShark [started as] a yield optimizer for Automatic Liquidity Acquisition Farms & AMMs on the Binance Smart Chain. It is forked from PancakeBunny, and offers unparalleled access to farming opportunities through the use of superior yield strategies and auto-compounding vaults." "Autoshark was nearly [a] 1:1 fork of PancakeBunny."

"Amidst the numerous rug pulls that have happened over the past month, it will be inevitable that some investors will fall for the scams even if they have a favorite yield optimizer platform to be on. At AutoShark, we make sure to work only with the most established projects so yield farmers can have peace of mind when their assets are with us."

"AutoShark Finance is the 1st Hybrid AMM and Yield Optimizer, offering unparalleled access to farming opportunities through the use of superior yield strategies, auto-compounding vaults, and NFT-powered farming." "The goal of AutoShark is to build the number 1 most sustainable AMM + DEX and Yield Optimizer on the Binance Smart Chain." "To do so, we seek to capture interest through our aggregation of decentralized exchange swap systems and yield optimizing strategies."

"AutoShark has grown from being a yield optimizer to a project that focuses on building an entire ecosystem of sustainable DEFI products to help you get the safest and best possible yields on your cryptocurrency portfolio. We welcome cryptocurrency advocates from all walks of life, and present the following features for every different profile."

"The DeFi protocol AutoShark Finance on the Binance Smart Chain was attacked by hackers in a series of transactions, and the hackers made a profit of US$2 million (the protocol loss may be even greater)." "On Oct-29–2021 08:25:03 AM +UTC, an attacker manipulated the NOVA-BNB pool of ShibaNOVA by swapping back and forth many times. The balance of NOVA in that pool will get to near 0 after a swap of 50 times, which caused the price of NOVA in that pool to be sky-high." The "attacker manipulated the NOVA-BNB pool of ShibaNOVA by swapping back and forth many times."

"The price of $JAWS was also artificially increased so that the attacker can get more back from the performance fee (artificial WBNB profit) that is automatically being used for adding liquidity." "In addition, the attacker also utilized the use of 5 NFTs to boost the $JAWS rewards in the pool."

"The attacker made off with 4348.5 BNB drained from JAWS-BNB."

"The flash loan alert was initially sounded by PeckShield on Twitter earlier today, and the transaction details can be verified here, the significant sum lost appears to be in the remit of $1.5 million according to these transaction details. The AutoShark team have officially acknowledged the attack, as they grapple with a response."

"AutoShark immediately stopped all $JAWS minters in the wake of the attack and consulted with our auditor to pinpoint and disable all potentially vulnerable vaults. The funds that are currently in the farms are safe and the $FINS token was not affected by the exploit except for the price selloff."

"We take full responsibility for this lapse in judgment in upkeeping taxed vaults with low liquidity." “The team is looking into the issue right now. There appears to be an attack on $JAWS. Do NOT buy $JAWS,” the team confirmed via Twitter before adding that “$FINS is not affected. We will update ASAP.”

"There will be new minting logic to prevent attacks that seek to manipulate amount of performance fees that the Minter perceives. These will include logic that prevent minting above a max amount of supply at any point (over a time period). More detailed plan for this will be released after a full strategy has been drafted."

"A detailed compensation plan has been devised by the team and affected $JAWS users are our number one priority in the upcoming months." "The team have since disabled $FINS swap rewards in an attempt to combat the attack, but they remain in a vulnerable position."

"After re-assessing the situation, and taking in precious community feedback the AutoShark team has re-drafted a more proper compensation plan, while being very careful to keep inflationary worries under control. At the same time, we outline our going-forward plan to further cull any worries."

"JAWS holders were exploited for a total of $2,000,000. $JAWS price dropped from $0.50 to $0.12 (~76% drop), we have re-weighted the compensation amount to be 76% of the total amount: The final compensation amount given to pre-exploit $JAWS holders will be $1,600,000. We are still getting the snapshot data from the blockchain. LPs and single stake holders/stakers will be given cJAWS."

"Instead of the original intended $3,000,000 USD in $FINS, we will be reducing the total compensation amount to $1,600,000 USD in $FINS. This is done over 180 days as well to reduce sell pressure. We firmly believe that the original $JAWS holders are huge bulls of our platform, and will not be seeking to sell $FINS until the platform fully recovers, which is why we believe that this move will not create sell pressure on $FINS, and price floor will settle around the current ~$0.25 area."

AutoShark Finance is a yield optimizer smart contract. On October 29th, they suffered an economic exploit that saw the attacker make off with $2m. They've created a compensation plan for users who were affected.

What is AutoShark.Finance? - AutoShark (Jun 13)
SlowMist Hacked - SlowMist Zone (Nov 6)
AutoShark Intro - AutoShark (Dec 5)
https://blog.insurace.io/security-incidents-in-october-cfed829449d0 (Dec 16)
AutoShark Suffers Exploit Again, Having Made Important Progress From Previous Attack (Dec 17)
@peckshield Twitter (Dec 17)
https://bscscan.com/tx/0xf90c49a90b1e0341ceb4a3c9029f42f39a32a90047e90399c1213c21af70a5cf (Dec 17)
https://bscscan.com/tx/0x2fa4534f02988523ae050b42155c98c8ceb9671ea83199a30911a03e84e0400b (Dec 17)
https://bscscan.com/address/0xfcf6738cabd9ce27f908a480ecaea53219fc08f4#tokentxns (Dec 17)
Post Mortem Review On Economic Attack (Dec 17)
Restoring The Ecosystem (Dec 17)
Autosharks Security Posture For The Future (Dec 17)
A Cedefi Approach To Security Beefing Up Our Defenses (Dec 17)

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