$5 995 000 USD

OCTOBER 2024

GLOBAL

EIGENLAYER

DESCRIPTION OF EVENTS

"EigenLayer is a protocol built on Ethereum that introduces restaking, a new primitive in cryptoeconomic security. This primitive enables the reuse of ETH on the consensus layer. Users that stake ETH natively or with a liquid staking token (LST) can opt-in to EigenLayer smart contracts to restake their ETH or LST and extend cryptoeconomic security to additional applications on the network to earn additional rewards."

 

"In a plot twist worthy of a B-grade hacker flick, their sophisticated token distribution strategy amounted to "send us an email with your ETH address."

 

Explore This Case Further On Our Wiki

EigenLayer is another restaking platform, which offers Ethereum holders the ability to earn more staking rewards on their already staked Ethereum. The team had developed an elaborate token vesting schedule for their team and investors, and was in the process of performing a distribution of tokens. It appears that attackers impersonated one of the investors and swapped their Ethereum address for another Ethereum address, granting them the receipt of the newly minted Eigen tokens. They were not very eager to comply with the token vesting schedule and much prefered to cash out their ill gotten gains rather quickly. There is some speculation that the attack was performed by an insider, but no hard evidence as of yet.

Sources And Further Reading

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