AutoShark Finance Flash Loan Attack - Revision history

Azoundria at 18:06, 4 May 2023

2023-05-04T18:06:28Z

← Older revision		Revision as of 12:06, 4 May 2023
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	[[File:Autoshark.jpg\|thumb\|AutoShark]]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.		[[File:Autoshark.jpg\|thumb\|AutoShark]]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.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="autosharkdocsarchive-1287" /><ref name="slowmisthacked-3823" /><ref name="autosharkdocs-4179" /><ref name="insuraceblog-4513" /><ref name="bscdotnews-4515" /><ref name="peckshieldtwitter-4516" /><ref name="bscscan-4517" /><ref name="bscscan-4518" /><ref name="bscscan-4519" /><ref name="autosharkfinmedium-4520" /><ref name="autosharkfinmedium-4521" /><ref name="autosharkfinmedium-4522" /><ref name="autosharkfinmedium-4523" />
	<ref name="autosharkdocsarchive-1287" /><ref name="slowmisthacked-3823" /><ref name="autosharkdocs-4179" /><ref name="insuraceblog-4513" /><ref name="bscdotnews-4515" /><ref name="peckshieldtwitter-4516" /><ref name="bscscan-4517" /><ref name="bscscan-4518" /><ref name="bscscan-4519" /><ref name="autosharkfinmedium-4520" /><ref name="autosharkfinmedium-4521" /><ref name="autosharkfinmedium-4522" /><ref name="autosharkfinmedium-4523" />

	== About AutoShark ==		== About AutoShark ==
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	!Description		!Description
	\|-		\|-
	\|October 29th, 2021 ~~12:00:00 AM~~		\|October 29th, 2021
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Which policies could have prevented this event from happening?~~

	== References ==		== References ==

Azoundria at 23:57, 27 February 2023

2023-02-27T23:57:07Z

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/autosharkfinanceflashloanattack.php}} AutoSharkAutoShark 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. This is a global/international case not involving a specific country. == About AutoShark == "AutoShark [starte..."

2023-01-28T03:56:20Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/autosharkfinanceflashloanattack.php}} thumb|AutoSharkAutoShark 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. This is a global/international case not involving a specific country. == About AutoShark == "AutoShark [starte..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/autosharkfinanceflashloanattack.php}}

[[File:Autoshark.jpg|thumb|AutoShark]]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.

This is a global/international case not involving a specific country.

== About AutoShark ==
"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."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - AutoShark Finance Flash Loan Attack
!Date
!Event
!Description
|-
|October 29th, 2021 12:00:00 AM
|Main Event
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost has been estimated at $2,000,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Which policies could have prevented this event from happening?

== References ==
[https://web.archive.org/web/20210621081342/https://docs.autoshark.finance/autoshark/ What is AutoShark.Finance? - AutoShark] (Jun 12)

[https://hacked.slowmist.io/en/?c=BSC SlowMist Hacked - SlowMist Zone] (Nov 5)

[https://docs.autoshark.finance/ AutoShark Intro - AutoShark] (Dec 4)

[https://blog.insurace.io/security-incidents-in-october-cfed829449d0 https://blog.insurace.io/security-incidents-in-october-cfed829449d0] (Dec 16)

[https://www.bsc.news/post/autoshark-suffers-exploit-again-having-made-important-progress-from-previous-attack AutoShark Suffers Exploit Again, Having Made Important Progress From Previous Attack] (Dec 16)

[https://twitter.com/peckshield/status/1454007090352062470 @peckshield Twitter] (Dec 16)

[https://bscscan.com/tx/0xf90c49a90b1e0341ceb4a3c9029f42f39a32a90047e90399c1213c21af70a5cf https://bscscan.com/tx/0xf90c49a90b1e0341ceb4a3c9029f42f39a32a90047e90399c1213c21af70a5cf] (Dec 16)

[https://bscscan.com/tx/0x2fa4534f02988523ae050b42155c98c8ceb9671ea83199a30911a03e84e0400b https://bscscan.com/tx/0x2fa4534f02988523ae050b42155c98c8ceb9671ea83199a30911a03e84e0400b] (Dec 16)

[https://bscscan.com/address/0xfcf6738cabd9ce27f908a480ecaea53219fc08f4#tokentxns https://bscscan.com/address/0xfcf6738cabd9ce27f908a480ecaea53219fc08f4#tokentxns] (Dec 16)

[https://medium.com/autosharkfin/post-mortem-review-on-economic-attack-af27e76b746e Post Mortem Review On Economic Attack] (Dec 16)

[https://medium.com/autosharkfin/restoring-the-ecosystem-a870c0a36a8a Restoring The Ecosystem] (Dec 16)

[https://medium.com/autosharkfin/autosharks-security-posture-for-the-future-7517c103fffa Autosharks Security Posture For The Future] (Dec 16)

[https://medium.com/autosharkfin/a-cedefi-approach-to-security-beefing-up-our-defenses-c69b520e369d A Cedefi Approach To Security Beefing Up Our Defenses] (Dec 16)

← Older revision		Revision as of 17:57, 27 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/autosharkfinanceflashloanattack.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/autosharkfinanceflashloanattack.php}}
			{{Unattributed Sources}}

	[[File:Autoshark.jpg\|thumb\|AutoShark]]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.		[[File:Autoshark.jpg\|thumb\|AutoShark]]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.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="autosharkdocsarchive-1287" /><ref name="slowmisthacked-3823" /><ref name="autosharkdocs-4179" /><ref name="insuraceblog-4513" /><ref name="bscdotnews-4515" /><ref name="peckshieldtwitter-4516" /><ref name="bscscan-4517" /><ref name="bscscan-4518" /><ref name="bscscan-4519" /><ref name="autosharkfinmedium-4520" /><ref name="autosharkfinmedium-4521" /><ref name="autosharkfinmedium-4522" /><ref name="autosharkfinmedium-4523" />

	== About AutoShark ==		== About AutoShark ==
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	== References ==		== References ==
	[https://web.archive.org/web/20210621081342/https://docs.autoshark.finance/autoshark/ What is AutoShark.Finance? - AutoShark] (Jun 12)		<references><ref name="autosharkdocsarchive-1287">[https://web.archive.org/web/20210621081342/https://docs.autoshark.finance/autoshark/ What is AutoShark.Finance? - AutoShark] (Jun 13, 2021)</ref>

	[https://hacked.slowmist.io/en/?c=BSC SlowMist Hacked - SlowMist Zone] (Nov 5)		<ref name="slowmisthacked-3823">[https://hacked.slowmist.io/en/?c=BSC SlowMist Hacked - SlowMist Zone] (Nov 6, 2021)</ref>

	[https://docs.autoshark.finance/ AutoShark Intro - AutoShark] (Dec 4)		<ref name="autosharkdocs-4179">[https://docs.autoshark.finance/ AutoShark Intro - AutoShark] (Dec 5, 2021)</ref>

	[https://blog.insurace.io/security-incidents-in-october-cfed829449d0 https://blog.insurace.io/security-incidents-in-october-cfed829449d0] (Dec 16)		<ref name="insuraceblog-4513">[https://blog.insurace.io/security-incidents-in-october-cfed829449d0 https://blog.insurace.io/security-incidents-in-october-cfed829449d0] (Dec 16, 2021)</ref>

	[https://www.bsc.news/post/autoshark-suffers-exploit-again-having-made-important-progress-from-previous-attack AutoShark Suffers Exploit Again, Having Made Important Progress From Previous Attack] (Dec 16)		<ref name="bscdotnews-4515">[https://www.bsc.news/post/autoshark-suffers-exploit-again-having-made-important-progress-from-previous-attack AutoShark Suffers Exploit Again, Having Made Important Progress From Previous Attack] (Dec 17, 2021)</ref>

	[https://twitter.com/peckshield/status/1454007090352062470 @peckshield Twitter] (Dec 16)		<ref name="peckshieldtwitter-4516">[https://twitter.com/peckshield/status/1454007090352062470 @peckshield Twitter] (Dec 17, 2021)</ref>

	[https://bscscan.com/tx/0xf90c49a90b1e0341ceb4a3c9029f42f39a32a90047e90399c1213c21af70a5cf https://bscscan.com/tx/0xf90c49a90b1e0341ceb4a3c9029f42f39a32a90047e90399c1213c21af70a5cf] (Dec 16)		<ref name="bscscan-4517">[https://bscscan.com/tx/0xf90c49a90b1e0341ceb4a3c9029f42f39a32a90047e90399c1213c21af70a5cf https://bscscan.com/tx/0xf90c49a90b1e0341ceb4a3c9029f42f39a32a90047e90399c1213c21af70a5cf] (Dec 17, 2021)</ref>

	[https://bscscan.com/tx/0x2fa4534f02988523ae050b42155c98c8ceb9671ea83199a30911a03e84e0400b https://bscscan.com/tx/0x2fa4534f02988523ae050b42155c98c8ceb9671ea83199a30911a03e84e0400b] (Dec 16)		<ref name="bscscan-4518">[https://bscscan.com/tx/0x2fa4534f02988523ae050b42155c98c8ceb9671ea83199a30911a03e84e0400b https://bscscan.com/tx/0x2fa4534f02988523ae050b42155c98c8ceb9671ea83199a30911a03e84e0400b] (Dec 17, 2021)</ref>

	[https://bscscan.com/address/0xfcf6738cabd9ce27f908a480ecaea53219fc08f4#tokentxns https://bscscan.com/address/0xfcf6738cabd9ce27f908a480ecaea53219fc08f4#tokentxns] (Dec 16)		<ref name="bscscan-4519">[https://bscscan.com/address/0xfcf6738cabd9ce27f908a480ecaea53219fc08f4#tokentxns https://bscscan.com/address/0xfcf6738cabd9ce27f908a480ecaea53219fc08f4#tokentxns] (Dec 17, 2021)</ref>

	[https://medium.com/autosharkfin/post-mortem-review-on-economic-attack-af27e76b746e Post Mortem Review On Economic Attack] (Dec 16)		<ref name="autosharkfinmedium-4520">[https://medium.com/autosharkfin/post-mortem-review-on-economic-attack-af27e76b746e Post Mortem Review On Economic Attack] (Dec 17, 2021)</ref>

	[https://medium.com/autosharkfin/restoring-the-ecosystem-a870c0a36a8a Restoring The Ecosystem] (Dec 16)		<ref name="autosharkfinmedium-4521">[https://medium.com/autosharkfin/restoring-the-ecosystem-a870c0a36a8a Restoring The Ecosystem] (Dec 17, 2021)</ref>

	[https://medium.com/autosharkfin/autosharks-security-posture-for-the-future-7517c103fffa Autosharks Security Posture For The Future] (Dec 16)		<ref name="autosharkfinmedium-4522">[https://medium.com/autosharkfin/autosharks-security-posture-for-the-future-7517c103fffa Autosharks Security Posture For The Future] (Dec 17, 2021)</ref>

	[https://medium.com/autosharkfin/a-cedefi-approach-to-security-beefing-up-our-defenses-c69b520e369d A Cedefi Approach To Security Beefing Up Our Defenses] (Dec 16)		<ref name="autosharkfinmedium-4523">[https://medium.com/autosharkfin/a-cedefi-approach-to-security-beefing-up-our-defenses-c69b520e369d A Cedefi Approach To Security Beefing Up Our Defenses] (Dec 17, 2021)</ref></references>