Cryptocurrency [loss] $2M+

"Onyx Protocol Hack Explained: A Deeper Dive Into $2.1M Exploit"

2023-11-01 [vendor] Onyx [chain] ethereum
Primary Source ↗
Financial Loss $2.1M (2,100,000 USD)
Blockchain(s) Ethereum

Incident Details

The Onyx Protocol was hacked for 1,164 ETH ($2.1 million) after an exploiter took advantage of a known vulnerability affecting forks of Compound Finance. The bug allows attackers to siphon funds from new and unfunded markets on Compound forks — in this case, a new pool that had been created for the PEPE token.After pulling off the hack, the attacker received the usual flood of on-chain messages from people asking them to share some of their ill-gotten funds. Unusually, the attacker followed through, ultimately sharing 19.5 ETH ($36,000) out of their spoils.Onyx is far from the first Compound fork to fail to patch known vulnerabilities and suffer hacks as a result. Hacks stemming from known Compound bugs, such as the attacks on Rari Capital and Sonne Finance, have netted tens of millions of dollars apiece for attackers in the past.

Total loss estimated at $2,100,000.

Technical Details

Initial Attack Vector
Smart contract exploit / hack
Vendor / Product
Onyx

Timeline

  1. 2023-11-01 Breach occurred
  2. 2023-11-01 Publicly disclosed