JULSWAP

DESCRIPTION OF EVENTS

"JulSwap is a community-centric decentralized exchange that helps crypto projects raise liquidity by conducting IDOs, organizing staking pools, and conducting liquidity mining in a decentralized fashion through the innovative power of JULD tokens." "JulSwap is the equivalent of Uniswap on the Binance Smart Chain. JulSwap offers the same Trading Engine and analytics as Uniswap and some additional features from Sushiswap."

"Are you running a small/medium crypto based project, but can't grow your business owing to high Etherium Gas Fee and slow transactions?!" "With JulSwap, joining the Binance Smart Chain is fast & simple. Just follow these simple steps and soon your project* can have its own BEP20 Token on the Binance Smart Chain and be traded on JulSwap."

"Flash Loan AttackA hacker exploited JulSwap with a flash loan attack to gain 4k JULb tokens. The price of JULb tokens dropped 75% after the hacker swapped all JULb tokens to BNB."

"The JulSwap of the DEX protocol and the automated liquidity protocol on the BSC chain was attacked by lightning loans, and $JULB fell more than 95% in a short time."

The founder "investigated the dump tonight on Jul. it’s seems it was the same Situation as some other projects experienced in the last weeks due to an flash loan. There is NO hack or exploit!"

When it comes to handling exploits, lots of platforms do different things. Some disappear. Some issue a statement and refuse to help affected users. Some do what they can. A few make right to their users. The JulSwap platform is one of the few who claim they weren't breached, despite the evidence clearly on the blockchain. Despite their insistence they did nothing wrong, volume and liquidity seem to be down lately.

HOW COULD THIS HAVE BEEN PREVENTED?

In general, many smart contract exploits occur because the contract relies on a limited market place to determine the price of an asset.

By instead relying on a proper oracle, this particular exploit could be avoided.

In a more general solution, storing the majority of funds in an offline multi-signature arrangement would keep them safe. Smart contracts should be thought of similarly to hot wallets.

Check Our Framework For Safe Secure Exchange Platforms

Example Domain (Mar 23)
CertiK Blockchain Security Leaderboard (Jun 1)
@julswap Twitter (Jun 13)
@tg_cryptos Twitter (Jun 13)
Binance Transaction Hash (Txhash) Details | BscScan (Jun 13)
JustLiquidity Binance price today, JULB live marketcap, chart, and info | CoinMarketCap (Jun 13)
Social Network for Programmers and Developers (Jun 14)
JulSwap Listing on AscendEX – Press release Bitcoin News (Jun 14)
JulSwap Vision (Jun 19)
SlowMist Hacked - SlowMist Zone (May 18)
blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub (Aug 11)
Julswap V2 Upgrading Its Oracle Mechanism To Chainlink (Aug 11)
@mudit__gupta Twitter (Aug 11)
@peckshield Twitter (Aug 11)
@WatchPug_ Twitter (Aug 11)

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