$255M Drained: Ronin, WazirX, Li.Fi, and Minterest Fall to Misconfig, Key Theft, and Call Injection
Four major protocols were gutted by basic failures: Ronin left a critical variable uninitialized, WazirX lost $230M to a key compromise and contract upgrade exploit, Li.Fi passed user input into a low-level call, and Minterest’s mUSDY market reentered itself to zero. All preventable. All devastating.
In Brief
Ronin Network was targeted in a $12M attack.
WazirX lost $230M due to a private key compromise.
Contract logic vulnerability costs Li.Fi $11.6M.
Minterest suffered a $1.4M reentrancy attack.
Hacks Analysis
Ronin Network | Amount Lost: $12M
On August 6th, the Ronin Network exploit on the Ethereum mainnet resulted in a $12M loss. The root cause was a misconfiguration during the latest contract upgrade. The _totalOperatorWeight variable was left uninitialized and it defaulted to zero. This allowed the attacker to meet the minimum vote weight condition without requiring a signature, enabling them to withdraw assets. The Ronin team has since recovered the stolen ETH and is working to reclaim the USDC, offering a $500K bug bounty.
On July 18th, WazirX exploit on the Ethereum mainnet resulted in a $230M loss. The root cause was the compromise of one of WazirX’s self-custody multi-sig wallets. Attackers upgraded the wallet to a malicious contract, enabling unauthorized fund transfers. They exploited a delegate call, which altered the wallet’s implementation to point to their malicious contract, allowing them to drain funds.
On July 16th, the Li.Fi exploit on the Ethereum mainnet resulted in an $11.6M loss. The root cause was a flaw in the depositToGasZipERC20() function within the GasZipFacet.sol contract, which allowed user-controlled data to be passed directly to a low-level call, enabling unauthorized function execution. The Li.Fi team acknowledged the exploit, halted all transactions, and issued warnings to their users.
On July 14th, the Minterest exploit on the Mantle Network resulted in a $1.4M loss. The root cause was a reentrancy vulnerability in the mUSDY token smart contract. The attacker used a flash loan to manipulate exchange rates in the mUSDY market by reentering the lendRUSDY() function. By repeatedly borrowing and redeeming USDY tokens, the attacker profited and transferred the stolen funds to Ethereum via the Stargate bridge.
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Exploit Contract (on Mantle): 0x14727171E92800ACFE7c4ccFa4F9E572614ff033
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Follow-up: Conduct a follow-up review to ensure that the remediation steps were effective and that the smart contract is now secure.
Follow-up: Conduct a follow-up review to ensure that the remediation steps were effective and that the smart contract is now secure.
In Brief
Remitano suffered a $2.7M loss due to a private key compromise.
GAMBL’s recommendation system was exploited.
DAppSocial lost $530K due to a logic vulnerability.
Rocketswap’s private keys were inadvertently deployed on the server.
Hacks
Hacks Analysis
Huobi | Amount Lost: $8M
On September 24th, the Huobi Global exploit on the Ethereum Mainnet resulted in a $8 million loss due to the compromise of private keys. The attacker executed the attack in a single transaction by sending 4,999 ETH to a malicious contract. The attacker then created a second malicious contract and transferred 1,001 ETH to this new contract. Huobi has since confirmed that they have identified the attacker and has extended an offer of a 5% white hat bounty reward if the funds are returned to the exchange.
