Cryptocurrency [loss] $2M+

"Zunami Protocol Loses Over $2.1 Million in Price Manipulation Hack"

2023-08-13 [vendor] Zunami Protocol [chain] ethereum
Primary Source ↗
Financial Loss $2.1M (2,100,000 USD)
Blockchain(s) Ethereum

Incident Details

The Zunami Protocol stablecoin-focused yield farming aggregator was exploited for more than $2.1 million when an attacker was able to perform a price manipulation attack on the project’s primary pool. Zunami attracted users by promising “the highest APY on the market”: around 14%. The project had been audited by Ackee and HashEx.The attack was a “classic price manipulation” exploit, according to the Ironblocks security firm. The attacker was able to steal 1,152 ETH ($2.13 million) from the protocol. They then tumbled the stolen funds through Tornado Cash.

Total loss estimated at $2,100,000.

Technical Details

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

Timeline

  1. 2023-08-13 Breach occurred
  2. 2023-08-13 Publicly disclosed