Cryptocurrency [loss] $324,000

Tweet by PeckShield

2023-08-02 [vendor] Uwerx [chain] ethereum
Primary Source ↗
Financial Loss $324,000 (324,000 USD)
Blockchain(s) Ethereum

Incident Details

Uwerx is a nascent project intending to build a blockchain-based freelancer marketplace, because what better concepts to combine than blockchains and the gig economy? Sadly for them, just after completing their token presale, it was hit with a flash loan exploit that enabled an attacker to siphon 176 ETH (~$324,000) from the platform.The project was audited by SolidProof and InterFi. The project announced that they intended to relaunch the token, and asked the exploiter to consider returning 80% of the funds, keeping 20% as a “bug bounty”.

Total loss estimated at $324,000.

Technical Details

Initial Attack Vector
Flash loan attack on smart contract
Vendor / Product
Uwerx

Timeline

  1. 2023-08-02 Breach occurred
  2. 2023-08-02 Publicly disclosed