Ploutoz Finance Oracle Attack

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Ploutoz Finance

Ploutoz Finance is an audited decentralized lending platform on the Binance Smart Chain. Despite their audit, the protocol's smart contract hot wallet was still vulnerable to an oracle price exploit through a flash loan. $365k of funds were taken. There is no evidence of any funds being returned.

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

About Ploutoz Finance

"Ploutoz is an automated money market platform which provide 100% decentralized finance-based lending services in Binance Smart Chain." "Ploutoz allows users to efficiently lending crypto assets on the Binance Smart Chain."

"Ploutoz enables users to utilize their cryptocurrencies by as a lender, supplying collateral to the network for supporting borrower by pledging over-collateralized asset."

"Ploutoz passed [a] smart contact audit from ThaiShield by ThaiChain."

"Ploutoz Finance, the BSC loan agreement, was attacked by a flash loan attack." On November 23rd, "Ploutoz finance was exploited and it led to the gain of ~$365K for the hacker."

"The hack was made possible due to the price oracle manipulation of DOP in Ploutoz finance." "The hacker manipulated the oracle price of DOP tokens and used the manipulated DOP as collateral to borrow other assets, including CAKE, ETH, BTCB, etc." "Specifically, the hacker leverages the manipulated DOP as collateral to borrow other assets, including CAKE, ETH, BTCB, etc."

"The attacker, who remains unknown, was able to drain the liquidity pools by way of a flash loan attack. A flash loan attack is when an attacker takes out a loan from one DeFi platform or service provider and uses the borrowed money to interact with smart contracts in a way that manipulates prices of DeFi tokens in their favor so that they can subsequently drain a project’s liquidity pool at prices favorable to them."

"The initial funds to launch the hack were withdrawn from TornadoCash. The resulting gains are swapped via paraswap and PancakeSwap, then washed via TornadoCash."

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.

Key Event Timeline - Ploutoz Finance Oracle Attack

Date	Event	Description
November 23rd, 2021 2:24:07 AM MST	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

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

The total amount lost has been estimated at $365,000 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?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.