Temple DAO Exploited For $2M

Hackers strike once more this week, this time on the expense of an accessible exploit inside Temple DAO’s code. Temple’s “STAX Finance” protocol, which offered a liquidity pool of TEMPLE and FRAX tokens was exploited early Tuesday, leading to $2.3M price of tokens seized by the hacker.

Let’s have a look at what we all know within the early hours of the exploit.

Down Goes The Temple

The protocol suffered a vulnerability within the staking ‘migrateStake’ perform, based on blockchain auditors Paladin. The exploit was first referred to as out by Spreek on Twitter. Arguably probably the most weird a part of the entire thing is that the funds had been possible accessible for the taking for a while. In line with respected dev 0xfoobar, the funds had been “accessible on chain for months,” leaving fairly a bit to be desired from all events concerned.

Temple DAO was seemingly unaudited, because the good contract code right here didn’t match the invoice of a multi-million greenback liquidity pool; because the aforementioned assets name out, the exploit was surprisingly simple. The exploiter merely used an outdated staking name code and a faux deal with to withdraw the LP funds. The vulnerability was accessible to be taken benefit of for a number of months.

The Temple DAO's exploiter swapped LP tokens for ETH funds on their manner out. | Supply: ETH-USD on TradingView.com

The Exploits Proceed

Sleuths have already found that the exploiter’s pockets was funded from a Binance pockets, so it’s fairly attainable that Binance seems into monitoring down that pockets (STAX has suggested that they’re “following up with Binance and can initialize a white hat bounty for the exploiter”). In any other case, this latest exploit is simply one other one to chunk the mud, sadly.

Nonetheless, it’s removed from the ‘nail within the coffin’ for the lesser-known Temple DAO. In line with DefiLlama, the DAO has a complete worth locked (TVL) simply shy of $60M – so it ought to stay to see one other day.

Featured picture from Pixabay, Charts from TradingView.com

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