$1 000 000 USD
DESCRIPTION OF EVENTS
"Evolution project is the first to introduce elastic emission of token per block making the next step in the yield farming industry. It adds powerful layer to tokenomics and strengthens sustainability of the farm. Emission is tied up to…" "Until now modern approach of well known yield farms stood on entry fees, buys back, burns, lotteries and other mechanisms to improve tokenomics viability. Yet is seems to be not enough for most of the farms to remain sustainable."
"According to tweets, on June 10, the EvoDeFi project on the BSC chain was attacked by a lightning loan. KnowChuangYu Blockchain Security Lab was the first to track this event and analyze it."
"Due to a design flaw in the update logic of the function in the MasterChef contract, the part of the reward that needs to be deducted is not updated, which leads to arbitrage by attackers. There are frequent outbreaks of attacks on the BSC chain, and contract security needs to be given sufficient attention."
"Attack Process: Lend 273,360.811 GEN via Pancake Lightning Loan. Transfer all GEN to the subcontract, call the subcontract 0x6ead30df method. Call the deposit function of MasterChef to pledge all GENs. Call MasterChef’s depositNFT function to pledge GenNFT. Call MasterChef’s updatePower function to update, due to a design flaw in the updatePower function, the rewardDebt is not updated. Call MasterChef’s withdraw function to redeem all pledged GENs, due to the update flaw in the previous step, the reward is incremented. Transfer all the profitable GENs back to the attack contract 0x1cb6 via the subcontract transfer function."
"EvoDefi, the project revenue farm on the BSC chain, was attacked, and the price of its token GEN dropped from US$2.1/piece to US$0.9/piece, a short-term drop of 57%. Loss of 455,576.85 GEN worth approximately USD 1 million."
"We have now released Evodefi v2, there will be more networks available, lower handling fees and better liquidity."
The EvoDefi project fell victim to a lightning loan attack, which allowed for minting additional GEN tokens, and caused a drop in the price.
It does not appear that there is any mention of the events on the project Twitter currently, though they have deployed a new version of the smart contract a couple days later.
SlowMist Hacked - SlowMist Zone (May 18)
EVOdefi | Cross-Chain Yield Farm | Buy Evolution GENX Token (Jul 15)
Evodefi - Facebook (Jul 15)
Evodefi | DappRadar (Jul 15)
Cross-Chain Yield Farm! - EvoDefi - YouTube (Jul 15)
Social Network for Programmers and Developers (Jul 15)
Analysis of the Lightning Loan Attack on BSC Chain's EvoDeFi - CoinYuppie: Bitcoin, Ethereum,NFT, DeFi, Dogecoin, Crypto News (Jul 15)
@evolution_bsc Twitter (Jul 15)
@0x_tracker Twitter (Jul 24)