$16 000 USD

MAY 2024

GLOBAL

UNKNOWN

DESCRIPTION OF EVENTS

"Arbitrum is a suite of Ethereum scaling solutions that make it easy to build and use decentralized applications." "Arbitrum is a technology suite designed to scale Ethereum. You can use Arbitrum chains to do all things you do on Ethereum — use Web3 apps, deploy smart contracts, etc., but your transactions will be cheaper and faster. Our flagship product — Arbitrum Rollup — is an Optimistic rollup protocol that inherits Ethereum-level security."

 

"Ethereum is awesome; on its own, however, it’s also very limited. The Ethereum blockchain only allows about 20-40 transactions per second (TPS) (that’s in total, for all Ethereum users); when the limit is reached, users are forced to compete against each other for their transactions to be included, which causes fees to go up."

 

"Arbitrum Rollup chain runs as a sort of sub-module within Ethereum. Unlike regular, layer 1 ( “L1”) Ethereum transactions, we don’t require Ethereum nodes to process every Arbitrum transaction; rather, Ethereum adopts an “innocent until proven guilty" attitude to Arbitrum. Layer 1 initially “optimistically assumes” activity on Arbitrum is following the proper rules. If a violation occurs (i.e., somebody claims “now I have all of your money”), this claim can be disputed back on L1; fraud will be proven, the invalid claim disregarded, and the malicious party will be financially penalized.

 

This ability to adjudicate and prove fraud on L1 is Arbitrum’s key, fundamental feature, and is how and why the system inherits Ethereum’s security."

 

"Attacker has funded by @ChangeNOW_io! Attacker got around $16K."

 

"There is a token transfer vulnerability in the target contract, and the tokens approved for the target contract can be transferred away."

 

"293,000 WINR, valued at around $16,000." "Attacker got around $16K." "~293K $WINR, worth ~$11K."

 

"According to monitoring by the SlowMist security team, the MixedSwapRouter on Arbitrum was attacked, resulting in a loss of approximately 293,000 WINR, valued at around $16,000."

 

"The #MixedSwapRouter contract on #Arbitrum was attacked, lost ~293K $WINR, worth ~$11K."

 

"Our system has detected a suspicious transactions with MixedSwapRouter on #ARB !"

 

"Attacker has funded by @ChangeNOW_io! Attacker got around $16K."

 

"Please revoke your approvals for 0x58637AAAC44e2A2F190D9e1976E236d86D691542 ASAP!"

MixedSwapRouter is a smart contract on the Arbitrum blockchain which was created on May 14th, 2024. On May 31st, 2024, the smart contract was exploited due to a token transfer vulnerability and 293K $WINR worth between $11k and $16k was lost. There was no information found on the ownership of this smart contract. All available data is presently from the blockchain itself.

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

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