MAAT Protocol Share Conversion Rounding Error
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MAAT Protocol was an omnichain yield aggregation platform that automatically reallocated funds to optimize returns using LayerZero V2 and Stargate V2 technologies. It emphasized security with smart contracts and transparency. The protocol faced an issue with a rounding error in its convertToShares() function, affecting share redemptions. The MAAT Protocol Twitter and website removed content, and the project’s current status is unclear, though some documentation remains online.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18]
About MAAT Protocol
MAAT Protocol was developed as an omnichain meta-yield aggregation platform with a built-in portfolio management feature, leveraging LayerZero V2 and Stargate V2 technologies. In its MVP stage, the protocol aggregated yields from various platforms, such as Yearn Finance and AAVE, to help users access the best yield sources automatically. MAAT reallocated funds to the most profitable strategies as yields change, ensuring optimal returns for users without requiring manual intervention.
The protocol emphasized security by utilizing smart contracts to protect user funds, and all deployed contracts were available for public inspection, offering transparency and assurance. Looking ahead, the roadmap for MAAT’s V1 version included improved yield aggregation, enhanced user experience, new yield strategies, and aggregator integrations. The V1 update will also feature a comprehensive dashboard, automated notifications, and streamlined management tools to provide users with an efficient and secure yield optimization experience across multiple chains.
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.
| Date | Event | Description |
|---|---|---|
| November 13th, 2024 9:30:00 AM MST | Meetup In Bangkok Thailand | According to the only post available on Twitter, there's an initial meetup about the protocol hosted in Bangkok, Thailand. "Join us at the Omnichain Frens meetup for a relaxed evening and meet with the builders shaping the future of omnichain technology. This is an event you don’t wanna miss where giga brains drop alpha." |
| December 6th, 2024 6:18:15 AM MST | BSC Attack Transaction | The protocol is attacked on the Binance Smart Chain. |
| December 6th, 2024 6:30:00 AM MST | TenArmor Original Tweet | TenArmor initially assumes that a security breach is occurring involving Stargate Finance on the Binance Smart Chain (BSC), with an estimated loss of $32.8K. The attack appears to have targeted the StargatePoolUSDT contract, draining USDT. |
| December 6th, 2024 7:48:00 AM MST | Not Stargate After All | TenArmor provides an update with additional analysis. "The issue seems to originate from the 0x090f StargateV2Strategy contract, an investment strategy contract that stakes funds in Stargate. This is not part of Stargate's core protocol." |
| December 6th, 2024 7:55:00 PM MST | TenArmor Links Incident | TenArmor manages to make the connection between the stargate exploit and the MAAT protocol. They post this publicly in a tweet. |
Technical Details
"The root cause lies in a rounding error within the convertToShares() function. When a user redeems 1 share, the function calculates the burnable token amount by rounding down, resulting in a value of 0."
Total Amount Lost
The total amount lost has been estimated at $33,000 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
"Our system has detected multiple suspicious undergoing attack involving #Stargate @StargateFinance on #BSC, resulting in an approximately loss of $32.8K so far."
Ultimate Outcome
It appears that the MAAT Protocol Twitter account has been updated to remove all tweets, including the tweets about the incident. The MAAT Protocol website does not display any information about the project and appears to request users to connect their wallet for early access. Some documentation about the protocol was still found online.
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
- ↑ @maatprotocol Twitter (Accessed Jan 22, 2025)
- ↑ @maatprotocol Twitter (Accessed Jan 22, 2025)
- ↑ Omnichain Frens · Luma (Accessed Jan 22, 2025)
- ↑ MAAT Finance (Accessed Jan 22, 2025)
- ↑ MAAT Finance (Accessed Jan 22, 2025)
- ↑ MAAT Finance (Accessed Jan 22, 2025)
- ↑ Introduction | MAAT Finance (Accessed Jan 22, 2025)
- ↑ MAAT | MAAT Finance (Accessed Jan 22, 2025)
- ↑ Introduction | MAAT Finance (Accessed Jan 22, 2025)
- ↑ BNB Smart Chain Transaction Hash (Txhash) Details | BscScan (Accessed Jan 22, 2025)
- ↑ @Hermione7812 Twitter (Accessed Jan 22, 2025)
- ↑ @rahulbarmann Twitter (Accessed Jan 22, 2025)
- ↑ @maatprotocol Twitter (Accessed Jan 22, 2025)
- ↑ MAAT (Accessed Jan 22, 2025)
- ↑ MAAT (Accessed Jan 22, 2025)
- ↑ MAAT (Accessed Jan 22, 2025)
- ↑ MAAT (Accessed Jan 22, 2025)
- ↑ MAAT (Accessed Jan 22, 2025)