Galaxy Fox Token Suspicious Transaction
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Galaxy Fox offers a staking, NFT, pay to earn gaming ecosystem centered around the Galaxy Fox token. On May 9th, an exploit was performed against their smart contract, allowing the attacker to change the merkle root which protects funds in the contract. There were two transactions which withdrew funds from the smart contract to attackers. The Galaxy Fox team does not appear to have acknowledged the exploit happening via any of their social media.[1][2][3][4][5][6][7][8][9][10]
About Galaxy Fox
"Galaxy Fox is a web3 platform that features their native token, captivating NFTs, a staking platform, and thrilling play-to-earn gaming ecosystem."
"Welcome to the universe of Galaxy Fox, an exhilarating web3 game where you can embark on an extraordinary journey of collecting, nurturing, and engaging in thrilling battles with your very own Galaxy Fox NFTs."
"$GFOX is a groundbreaking token that combines play-to-earn mechanics with meme culture. Earn rewards by engaging in gameplay, staking your tokens for passive income, and benefiting from the burning feature.Join $GFOX today for a world of meme-driven fun and lucrative opportunities."
"Immerse in Galaxy Fox's captivating NFT Marketplace, where valuable digital collectibles embody cosmic energies. Acquire coveted NFTs to unlock powerful attributes, conquering challenges with celestial finesse. Transactions support the ecosystem's treasury, ensuring stability and ongoing development."
"The vibrant merchandise shop in the Galaxy Fox ecosystem offers captivating products, with profits funding the treasury for sustainability and growth. Customers can earn points to exchange for $GFOX tokens, enhancing their engagement and involvement within the ecosystem."
"The core of the Galaxy Fox ecosystem is an immersive play-to-earn game that captivates global gamers. Embark on thrilling adventures, complete challenges, and earn valuable rewards. Active participation in the game allows players to accumulate $GFOX tokens and in-game assets, rewarding their skills and dedication with a tangible sense of achievement."
The Reality
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- 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
"On May 10, 2024, the Galaxy Fox token was exploited on the Ethereum Mainnet due to a smart contract vulnerability, which resulted in a loss of over 108 ETH, worth approximately $330,000. "
"According to the monitoring of the SlowMist Security Alert system, the Web3 game project Galaxy Fox has been attacked, resulting in a loss of approximately $300,000."
| Date | Event | Description |
|---|---|---|
| May 9th, 2024 6:00:35 PM MDT | Blockchain Transaction Happened | The blockchain transaction happened on the Ethereum network. |
| May 9th, 2024 8:04:00 PM MDT | Phalcon Tweet Posted | Phalcon posts a tweet warning about suspicious activity in Galaxy Fox Token. |
| May 9th, 2024 8:28:00 PM MDT | Slowmist Suspicious Activity | SlowMist reports that there is suspicious activity, and provides a screenshot of a transaction. |
| May 11th, 2024 7:46:49 AM MDT | Neptune Mutual Report | Neptune Mutual publishes a report with information/details on the exploit and what happened. |
Technical Details
"The vulnerable and exploited contract was unverified, so we attempted to decompile it. The setMerkleRoot function was set to a public visibility access specifier and lacked enough access control to allow anyone to change the merkel roots."
"This allowed them to invoke a call to the claim function to falsely claim and withdraw 108 ETH worth of funds from the contract."
"The original attacker was followed by yet another copycat attacker, who was also able to successfully execute the said attack to take away the remaining funds. The original attacker approved 99.79 ETH or $289,221 for his trade and has a hold of 9.03 ETH at this address, which is worth roughly $26,167."
"The copycat attacker took away approximately 27.8 million GFOX tokens and swapped them for 2.32 ETH, which were worth roughly $7029. As of this writing, the wallet of the copycat attacker has a hold of 2.17 ETH, which is approximately $6,294. This attacker has also already laundered 2 ETH, amounting to roughly $5,800 to Tornado Cash, as seen in these and other transactions."
"To address the vulnerability exploited in the Galaxy Fox token incident, a comprehensive revision of the smart contract's access control mechanisms is essential. The primary flaw was the public accessibility of the setMerkleRoot function, which should have been restricted to only authorized addresses. Implementing proper access control can be effectively achieved by utilizing modifiers in the Solidity programming language."
Total Amount Lost
resulted in a loss of over 108 ETH, worth approximately $330,000.
The total amount lost has been estimated at $330,000 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
- ↑ SlowMist Hacked - SlowMist Zone (May 30, 2024)
- ↑ @SlowMist_Team Twitter (May 31, 2024)
- ↑ @Nobody_628 Twitter (May 31, 2024)
- ↑ @SlowMist_Team Twitter (May 31, 2024)
- ↑ @GalaxyFoxToken Twitter (May 31, 2024)
- ↑ How Was Galaxy Fox Token Exploited? (May 31, 2024)
- ↑ Ethereum Transaction Hash (Txhash) Details | Etherscan (May 31, 2024)
- ↑ https://galaxyfox.io/ (May 31, 2024)
- ↑ Address 0xfce19f8f823759b5867ef9a5055a376f20c5e454 | Etherscan (May 31, 2024)
- ↑ @Phalcon_xyz Twitter (May 31, 2024)