Mayo Swap Deflationary Hack - Revision history

Azoundria at 23:55, 2 May 2023

2023-05-02T23:55:29Z

← Older revision		Revision as of 17:55, 2 May 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/mayoswapdeflationaryhack.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/mayoswapdeflationaryhack.php}}
	{{Unattributed Sources}}		{{Unattributed Sources}}

Line 6:		Line 6:
	All investors lost their funds as the hacker cashed out and the price of the token plummeted to zero. The project appears to be continuing to operate with a new smart contract that has since been audited by TechRate, however the project Twitter does not appear to exist.		All investors lost their funds as the hacker cashed out and the price of the token plummeted to zero. The project appears to be continuing to operate with a new smart contract that has since been audited by TechRate, however the project Twitter does not appear to exist.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="lewisaar0ntwitter-3815" /><ref name="openblocksecgithub-2342" /><ref name="thoreumfinancemedium-3371" /><ref name="johndoughbulltwitter-3378" /><ref name="watchpugtwitter-3395" /><ref name="dappradartwitter-3396" /><ref name="bscscan-3397" /><ref name="fxcryptonews-3398" /><ref name="yieldfarm-3399" /><ref name="mayoswap-3816" /><ref name="mayoswapdocs-3817" /><ref name="mayoswapdocs-3818" /><ref name="mayoswapgithub-3819" />
	<ref name="lewisaar0ntwitter-3815" /><ref name="openblocksecgithub-2342" /><ref name="thoreumfinancemedium-3371" /><ref name="johndoughbulltwitter-3378" /><ref name="watchpugtwitter-3395" /><ref name="dappradartwitter-3396" /><ref name="bscscan-3397" /><ref name="fxcryptonews-3398" /><ref name="yieldfarm-3399" /><ref name="mayoswap-3816" /><ref name="mayoswapdocs-3817" /><ref name="mayoswapdocs-3818" /><ref name="mayoswapgithub-3819" />

	== About Mayo Swap ==		== About Mayo Swap ==
Line 59:		Line 58:
	!Description		!Description
	\|-		\|-
	\|June 16th, 2021 ~~12:00:00 AM~~		\|June 16th, 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.
Line 67:		Line 66:
	\|		\|
	\|}		\|}

			== 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 ==
Line 86:		Line 88:
	== 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?
			== General Prevention Policies ==
			Hot wallets should either not store customer funds, or be insured fully.
			== 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}}
	~~Hot wallets should either not store customer funds, or be insured fully.~~

	== References ==		== References ==
Line 95:		Line 110:
	<ref name="openblocksecgithub-2342">[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 11, 2021)</ref>		<ref name="openblocksecgithub-2342">[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 11, 2021)</ref>

	<ref name="thoreumfinancemedium-3371">[https://thoreum-finance.medium.com/what-exploit-happened-today-for-gocerberus-and-garuda-also-for-lokum-ybear-piggy-caramelswap-3943ee23a39f ~~https://thoreum-finance.medium.com/what-~~exploit-happened-today-for~~-gocerberus-~~and~~-garuda-~~also-for~~-lokum-ybear-piggy-caramelswap-3943ee23a39f~~] (Aug 29, 2021)</ref>		<ref name="thoreumfinancemedium-3371">[https://thoreum-finance.medium.com/what-exploit-happened-today-for-gocerberus-and-garuda-also-for-lokum-ybear-piggy-caramelswap-3943ee23a39f What exploit happened today for GoCerberus and Garuda, also for KetchupSwap, Lokum, YBear, Piggy, CaramelSwap and our rough compensation plan \| by Thoreum Finance \| Medium] (Aug 29, 2021)</ref>

	<ref name="johndoughbulltwitter-3378">[https://twitter.com/JohnDoughBull/status/1405159533828247553 @JohnDoughBull Twitter] (Sep 23, 2021)</ref>		<ref name="johndoughbulltwitter-3378">[https://twitter.com/JohnDoughBull/status/1405159533828247553 @JohnDoughBull Twitter] (Sep 23, 2021)</ref>
Line 107:		Line 122:
	<ref name="fxcryptonews-3398">[https://www.fxcryptonews.com/binance-smart-chain-defi-protocol-exploited-and-token-drained-to-0-00-by-hackers/ Binance Smart Chain DeFi Protocol Exploited and Token Drained to $0.00 by Hackers - Fxcryptonews] (Sep 24, 2021)</ref>		<ref name="fxcryptonews-3398">[https://www.fxcryptonews.com/binance-smart-chain-defi-protocol-exploited-and-token-drained-to-0-00-by-hackers/ Binance Smart Chain DeFi Protocol Exploited and Token Drained to $0.00 by Hackers - Fxcryptonews] (Sep 24, 2021)</ref>

	<ref name="yieldfarm-3399">[https://yieldfarm.gitbook.io/yieldfarm/ ~~https://yieldfarm.gitbook.io/yieldfarm/~~] (Sep 24, 2021)</ref>		<ref name="yieldfarm-3399">[https://yieldfarm.gitbook.io/yieldfarm/ Welcome to Yield Farm Library - Yield Farm] (Sep 24, 2021)</ref>

	<ref name="mayoswap-3816">[https://mayoswap.com/ MayoSwap] (Oct 20, 2021)</ref>		<ref name="mayoswap-3816">[https://mayoswap.com/ MayoSwap] (Oct 20, 2021)</ref>

Azoundria at 03:44, 23 February 2023

2023-02-23T03:44:07Z

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/mayoswapdeflationaryhack.php}} Mayo SwapMayoSwap is a copy of PantherSwap. All funds are stored in a smart contract hot wallet. This contract had an error in the way deflationary tokens were handled, which caused extra rewards to be released. All investors lost their funds as the hacker cashed out and the price of the token plummeted to zero. The project appears to be..."

2023-01-27T20:37:04Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/mayoswapdeflationaryhack.php}} thumb|Mayo SwapMayoSwap is a copy of PantherSwap. All funds are stored in a smart contract hot wallet. This contract had an error in the way deflationary tokens were handled, which caused extra rewards to be released. All investors lost their funds as the hacker cashed out and the price of the token plummeted to zero. The project appears to be..."

New page

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

[[File:Mayoswap.jpg|thumb|Mayo Swap]]MayoSwap is a copy of PantherSwap. All funds are stored in a smart contract hot wallet. This contract had an error in the way deflationary tokens were handled, which caused extra rewards to be released.

All investors lost their funds as the hacker cashed out and the price of the token plummeted to zero. The project appears to be continuing to operate with a new smart contract that has since been audited by TechRate, however the project Twitter does not appear to exist.

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

== About Mayo Swap ==
"MayoSwap is an automatic liquidity acquisition yield farm running on Binance Smart Chain with lots of unique and creative features that let you earn and win."

"Each transfer of MAYO must pay a 5% transfer tax. The 4% transfer tax gets added to the liquidity pool through the contract automatically to raise the price floor continuously. And the liquidity will be locked and inaccessible." "By reducing the amount of MAYO generated per block, we slow the inflation. But we don't want to do this too frequently, too early, for the same reason we don't want a hard cap: we still need to incentivize people to provide liquidity."

"When users put their tokens into liquidity pools and stake their LP tokens in a farm, they put their crypto tokens in a bank. But this time the bank is a protocol created by someone anonymous. Especially users that move between the high-APY yield farms are at risk."

On "June 16th, multiple farms their native tokens were exploited all the way to $0.00. KetchupSwap, Lokum, YBear, Piggy, CaramelSwap. Sadly enough GoCerberus and Garuda were exploited as well." "A major exploit has affected multiple BSC farms by driving their native token prices to 0." "Cerberus, Garuda, KetchupSwap, Piggy, CaramelSwap, and a few more projects got exploited at the same time, because of mishandling of tokens with transfer tax."

"Most of the yield farms use a trusted contract called a MasterChef, which is used even by PancakeSwap themselves to distribute rewards. The problem is that the MasterChef was never designed for all these special tokens, it was designed specifically to receive rewards for LP tokens."

"But, yield farms kept popping up and adding non-LP tokens and everything was fine. Until recently tokens with a transfer fee became more popular. Most of our tokens have a transfer fee as well, it’s how we can have our tokenomics. But the problem is that the MasterChef was not designed for this."

"Due to the design of the masterchef if you stake 100 tokens (with a 5% transaction fee) in a MasterChef, you are still able to withdraw 100 tokens from the MasterChef. But due to the transfer fee, only 95 tokens actually arrived in the contract."

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 - Mayo Swap Deflationary Hack
!Date
!Event
!Description
|-
|June 16th, 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 is unknown.

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 ==
Hot wallets should either not store customer funds, or be insured fully.

== References ==
[https://twitter.com/lewisaar0n/status/1405223081384321030 @lewisaar0n Twitter] (Sep 22)

[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 10)

[https://thoreum-finance.medium.com/what-exploit-happened-today-for-gocerberus-and-garuda-also-for-lokum-ybear-piggy-caramelswap-3943ee23a39f https://thoreum-finance.medium.com/what-exploit-happened-today-for-gocerberus-and-garuda-also-for-lokum-ybear-piggy-caramelswap-3943ee23a39f] (Aug 28)

[https://twitter.com/JohnDoughBull/status/1405159533828247553 @JohnDoughBull Twitter] (Sep 22)

[https://twitter.com/WatchPug_/status/1409475302493810689 @WatchPug_ Twitter] (Sep 22)

[https://twitter.com/DappRadar/status/1405502990094536710 @DappRadar Twitter] (Sep 22)

[https://bscscan.com/address/0xe959d028728a58bc794dbd025e36d558cdc439d2 Address 0xe959d028728a58bc794dbd025e36d558cdc439d2 | BscScan] (Sep 23)

[https://www.fxcryptonews.com/binance-smart-chain-defi-protocol-exploited-and-token-drained-to-0-00-by-hackers/ Binance Smart Chain DeFi Protocol Exploited and Token Drained to $0.00 by Hackers - Fxcryptonews] (Sep 23)

[https://yieldfarm.gitbook.io/yieldfarm/ https://yieldfarm.gitbook.io/yieldfarm/] (Sep 23)

[https://mayoswap.com/ MayoSwap] (Oct 19)

[https://docs.mayoswap.com/ MayoSwap - MayoSwap] (Nov 5)

[https://docs.mayoswap.com/tokenomics/mayo MAYO - MayoSwap] (Nov 5)

[https://github.com/mayoswap/audits GitHub - mayoswap/audits] (Nov 5)

← Older revision		Revision as of 21:44, 22 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/mayoswapdeflationaryhack.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/mayoswapdeflationaryhack.php}}
			{{Unattributed Sources}}

	[[File:Mayoswap.jpg\|thumb\|Mayo Swap]]MayoSwap is a copy of PantherSwap. All funds are stored in a smart contract hot wallet. This contract had an error in the way deflationary tokens were handled, which caused extra rewards to be released.		[[File:Mayoswap.jpg\|thumb\|Mayo Swap]]MayoSwap is a copy of PantherSwap. All funds are stored in a smart contract hot wallet. This contract had an error in the way deflationary tokens were handled, which caused extra rewards to be released.
Line 6:		Line 7:

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="lewisaar0ntwitter-3815" /><ref name="openblocksecgithub-2342" /><ref name="thoreumfinancemedium-3371" /><ref name="johndoughbulltwitter-3378" /><ref name="watchpugtwitter-3395" /><ref name="dappradartwitter-3396" /><ref name="bscscan-3397" /><ref name="fxcryptonews-3398" /><ref name="yieldfarm-3399" /><ref name="mayoswap-3816" /><ref name="mayoswapdocs-3817" /><ref name="mayoswapdocs-3818" /><ref name="mayoswapgithub-3819" />

	== About Mayo Swap ==		== About Mayo Swap ==
Line 89:		Line 91:

	== References ==		== References ==
	[https://twitter.com/lewisaar0n/status/1405223081384321030 @lewisaar0n Twitter] (Sep 22)		<references><ref name="lewisaar0ntwitter-3815">[https://twitter.com/lewisaar0n/status/1405223081384321030 @lewisaar0n Twitter] (Sep 23, 2021)</ref>

	[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 10)		<ref name="openblocksecgithub-2342">[https://github.com/openblocksec/blocksec-incidents/blob/main/defi/2021.md blocksec-incidents/2021.md at main · openblocksec/blocksec-incidents · GitHub] (Aug 11, 2021)</ref>

	[https://thoreum-finance.medium.com/what-exploit-happened-today-for-gocerberus-and-garuda-also-for-lokum-ybear-piggy-caramelswap-3943ee23a39f https://thoreum-finance.medium.com/what-exploit-happened-today-for-gocerberus-and-garuda-also-for-lokum-ybear-piggy-caramelswap-3943ee23a39f] (Aug 28)		<ref name="thoreumfinancemedium-3371">[https://thoreum-finance.medium.com/what-exploit-happened-today-for-gocerberus-and-garuda-also-for-lokum-ybear-piggy-caramelswap-3943ee23a39f https://thoreum-finance.medium.com/what-exploit-happened-today-for-gocerberus-and-garuda-also-for-lokum-ybear-piggy-caramelswap-3943ee23a39f] (Aug 29, 2021)</ref>

	[https://twitter.com/JohnDoughBull/status/1405159533828247553 @JohnDoughBull Twitter] (Sep 22)		<ref name="johndoughbulltwitter-3378">[https://twitter.com/JohnDoughBull/status/1405159533828247553 @JohnDoughBull Twitter] (Sep 23, 2021)</ref>

	[https://twitter.com/WatchPug_/status/1409475302493810689 @WatchPug_ Twitter] (Sep 22)		<ref name="watchpugtwitter-3395">[https://twitter.com/WatchPug_/status/1409475302493810689 @WatchPug_ Twitter] (Sep 23, 2021)</ref>

	[https://twitter.com/DappRadar/status/1405502990094536710 @DappRadar Twitter] (Sep 22)		<ref name="dappradartwitter-3396">[https://twitter.com/DappRadar/status/1405502990094536710 @DappRadar Twitter] (Sep 23, 2021)</ref>

	[https://bscscan.com/address/0xe959d028728a58bc794dbd025e36d558cdc439d2 Address 0xe959d028728a58bc794dbd025e36d558cdc439d2 \| BscScan] (Sep 23)		<ref name="bscscan-3397">[https://bscscan.com/address/0xe959d028728a58bc794dbd025e36d558cdc439d2 Address 0xe959d028728a58bc794dbd025e36d558cdc439d2 \| BscScan] (Sep 24, 2021)</ref>

	[https://www.fxcryptonews.com/binance-smart-chain-defi-protocol-exploited-and-token-drained-to-0-00-by-hackers/ Binance Smart Chain DeFi Protocol Exploited and Token Drained to $0.00 by Hackers - Fxcryptonews] (Sep 23)		<ref name="fxcryptonews-3398">[https://www.fxcryptonews.com/binance-smart-chain-defi-protocol-exploited-and-token-drained-to-0-00-by-hackers/ Binance Smart Chain DeFi Protocol Exploited and Token Drained to $0.00 by Hackers - Fxcryptonews] (Sep 24, 2021)</ref>

	[https://yieldfarm.gitbook.io/yieldfarm/ https://yieldfarm.gitbook.io/yieldfarm/] (Sep 23)		<ref name="yieldfarm-3399">[https://yieldfarm.gitbook.io/yieldfarm/ https://yieldfarm.gitbook.io/yieldfarm/] (Sep 24, 2021)</ref>

	[https://mayoswap.com/ MayoSwap] (Oct 19)		<ref name="mayoswap-3816">[https://mayoswap.com/ MayoSwap] (Oct 20, 2021)</ref>

	[https://docs.mayoswap.com/ MayoSwap - MayoSwap] (Nov 5)		<ref name="mayoswapdocs-3817">[https://docs.mayoswap.com/ MayoSwap - MayoSwap] (Nov 6, 2021)</ref>

	[https://docs.mayoswap.com/tokenomics/mayo MAYO - MayoSwap] (Nov 5)		<ref name="mayoswapdocs-3818">[https://docs.mayoswap.com/tokenomics/mayo MAYO - MayoSwap] (Nov 6, 2021)</ref>

	[https://github.com/mayoswap/audits GitHub - mayoswap/audits] (Nov 5)		<ref name="mayoswapgithub-3819">[https://github.com/mayoswap/audits GitHub - mayoswap/audits] (Nov 6, 2021)</ref></references>