On March 30, SIR.trading, an Ethereum
$1,797.26
-based platform, lost all of its user funds—about $355,000—due to an attack on one of its smart contracts.
The service, also known as Synthetics Implemented Right, was targeted in a way that allowed the attacker to move all funds out of the system.
Two blockchain security firms, Decurity and TenArmorAlert, noticed the issue and posted alerts on X to explain how the attacker used a weakness in the platform’s contract system to carry out the theft.
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The problem came from a feature inside SIR.trading’s vault contract that used Ethereum’s temporary storage method, according to Decurity. This feature included a callback function, which was meant to connect with a Uniswap
$5.84
pool. However, the attacker managed to replace the original Uniswap address with one they controlled.
Once that change was made, they could redirect funds from the vault straight to their own account by repeatedly calling this same function.
TenArmorAlert reported that the stolen funds were later transferred to an address linked to Railgun
$0.5967
, a tool that provides privacy on the Ethereum network. The project’s founder, who goes by the name Xatarrer, has reached out to Railgun’s team to ask for help.
Xatarrer called it “the worst news a protocol could receive” but said the team would try to continue with the project despite the loss.
On March 25, around $13 million in ETH was lost after an exploit targeted GMX-token-based pools on Abracadabra.Money. How did the hackers pull it off? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
