Sweepr Token Smart Contract Public Emergency Withdraw

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Sweepr Logo/Homepage

Sweepr was an NFT liquidity platform that allowed NFT projects to go head to head to select the more popular NFT, which would be purchased at floor prices by the treasury. On November 22nd, their smart contract was deployed without an access limitation on the emergency withdraw functions. It turns out that MEV bot owner "Yoink" wanted to withdraw the funds in an emergency. The protocol website and some social media appear to have been shut down subsequently.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15]

About Sweepr

"Unlocking the Future of NFT Investments"

"Sweepr is an NFT liquidity flywheel fueled by competitive governance battles between various NFT communities.

Sweepr acquires floor price NFTs selected by bi-weekly Sweepr Acquisition Proposals (SAP) where four NFT communities go head to head utilizing thier xSWEEPR as voting power to elect one victorious collection.

The winning collection receives a treasury sweep and is deployed as NFT/ETH liquidity on NFT-Fi platforms such as NFTX, SudoSwap, and Floor Protocol."

"The Sweepr Token (SWEEPR) on ETH was suspected to have been attacked, resulting in a loss of approximately $14K."

"Hold xSWEEPR to opt-in to revenue share rewards, liquidity mining incentives, and governance proposals."

"Claim your share of revenue and liquidity mining incentives. Rewards and governance power are calculated and distributed based on a user's staked xSWEEPR amount."

"Leverage your governance power and vote on your favorite NFT collection in Sweepr proposals. Directly support creators and NFT ecosystems by voting in Sweepr Acquisition Proposals that help deepen liquidity and strengthen floor price."

"Using funds from the Treasury, Sweepr sweeps the floor of the winning collection and subsequently deploys liquidity to NFT-Fi platforms."

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 Sweepr Token (SWEEPR) on Ethereum has been suspected of an attack, resulted in about $14k in losses."

Key Event Timeline - Sweepr Token Smart Contract Public Emergency Withdraw
Date Event Description
November 22nd, 2024 9:16:11 AM MST Blockchain Transaction The malicious blockchain transaction which exploits the faulty smart contract occurs on the ethereum blockchain.
November 22nd, 2024 6:31:00 PM MST TenArmorAlert Tweet TenArmorAlert posts a tweet with details of the exploit.

Technical Details

"The Sweepr Token (SWEEPR) on Ethereum has been suspected of an attack, resulted in about $14k in losses. Though there is not much detail known about the suspected attack, there is some information about the transaction hash and sender/ receiver addresses."

"The emergencyWithdrawToken function in contract 0x6641 appears to lack proper access control, enabling anyone to drain the contract's $SWEEPR tokens.

MEV frontrunner Yoink quickly seized this profit opportunity—easy money!"

Total Amount Lost

$14k

The total amount lost has been estimated at $14,000 USD.

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.

References

  1. ↑ Ethereum Transaction Hash (Txhash) Details | Etherscan (Accessed Jan 13, 2025)
  2. ↑ Sweepr Token (SWEEPR) Token Tracker | Etherscan (Accessed Jan 13, 2025)
  3. ↑ Crypto Security Incidents November 2024 (Accessed Jan 13, 2025)
  4. ↑ BlockThreat - Week 47, 2024 (Accessed Jan 13, 2025)
  5. ↑ @TenArmorAlert Twitter (Accessed Jan 13, 2025)
  6. ↑ Sweepr (Accessed Jan 13, 2025)
  7. ↑ Sweepr (Accessed Jan 13, 2025)
  8. ↑ Sweepr (Accessed Jan 13, 2025)
  9. ↑ Sweepr (Accessed Jan 13, 2025)
  10. ↑ Sweepr (Accessed Jan 13, 2025)
  11. ↑ Instagram (Accessed Jan 13, 2025)
  12. ↑ Wayback Machine (Accessed Jan 13, 2025)
  13. ↑ @sweepr_fi Twitter (Accessed Jan 13, 2025)
  14. ↑ Sweepr price - SWEEPR to USD price chart & market cap | CoinBrain (Accessed Jan 13, 2025)
  15. ↑ https://www.coingecko.com/en/coins/sweepr (Accessed Jan 13, 2025)
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