DeFi hacks continue as two decentralized finance protocols were exploited resulting in a loss of $11 million worth of cryptocurrencies.
For the uninitiated, “re-entrancy” is a vulnerability in the Solidity programming language that enables a malicious entity to deceive a protocol’s smart contract into making an external call to an untrusted contract. After the attacker gains control of the untrusted contract, they can make recursive calls to the original function to drain its funds.
The re-entrancy attacks become more staggering since “the code executes interactions before applying the effects.” On the other hand, Aave tries to follow the aforementioned checks-effects-interactions pattern. However, there exists a path via liquidations using which the attacker “broke the pattern” in the recent attack. He went on to add,
“The agave and hundred protocol teams messed up by listing a token that can reenter. Aave and compound governance actively check for reentrancy before listing tokens on the mainnet to avoid similar attacks.” Popular DeFi lending platform Cream Finance, which shares a similar codebase to that of Compound, was alsoAccording to a developer at DeFi protocol DanceFloor, “Shegan,” the funds are not safe. However, Martin Köppelmann, the founder of Gnosis,
he would support a measure from the DAO. The team behind Hundred Finance and Agave is currently investigating the exploits and has paused the contracts.
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