Friday , September 24 2021

This Altcoin Has Been Hacked! Price Crashed…

Multi-chain yield platform and altcoin project Popsicle Finance (ICE) is the latest DeFi protocol that has fallen victim to hackers. Hackers exploited about $25 million worth of ETH from Sorbetto Fragola liquidity manager. When the news of the hack was made public, the value of Popsicle Finance’s ICE token plummeted and the altcoin price dropped more than 55% initially.

‘Audited’ DeFi altcoin project Popsicle Finance hacked: $25M!

Hackers appear to be taking advantage of smart contracts on the Sorbetto Fragola liquidity manager of altcoin project Popsicle Finance (ICE). The attackers dumped several tokens in the process, exploiting a flaw in the fee calculation mechanism. Sorbetto Fragola allows users to optimize returns in Uniswap V3 by automatically selecting the best range to deliver the highest yield.

However, a flaw in the smart contract allowed hackers to trick the contract into paying the return from the day it was launched, rather than the moment it was allocated funds. This resulted in hackers constantly withdrawing large amounts of Ethereum using the same mining method across multiple accounts. In total, the attack is estimated to have cost users around $25 million. Ser Daniele Carpèt, a member of the Popsicle Finance team, first drew attention to the attack.

Interesting details about the hack attack on the altcoin project…

Since then, Popsicle Finance has announced the attack and urged users to immediately withdraw funds from the affected pools. However, there are still many doubts in this story. The platform’s smart contracts were previously tested by CertiK and Peckshield in two separate tests, and both returned with no major issues. Meanwhile, Peckshield released the Sorbetto Fragola audit on GitHub on June 28.

But strangely, this audit report seems to be missing pages from the beginning of the report. However, smart contract code reviews revealed six coding errors, of which four were classified as moderate, one as low, and one as informational. The report states that five of the six bugs have been fixed and the moderate “Incorrect Amount Calculation in burnLiquidityShare()” issue is “Confirmed”. The errors noted did not mention any flaws in wage accounting. Commenting on Popsicle Finance’s multiple controls, Gupta tweeted: threw:

To be fair, auditors are human and things can go wrong. It would be fair to expect this bug to be caught, but there is no guarantee.

Popsicle Finance’s ICE token crashed by 55 percent! But…

He explains that while the hack is a complex matter to continue, the error in the code is simple. In June, Gupta won a $10,000 reward for detecting the same bug in DeFi WildCredit protocol smart contracts. After that, Daniele Carpet offered the attacker $1 million in “all clean money” for a safe return of the funds. Daniele Carpet said, “This is a remote possibility, but: We want to offer the black hat hacker $1,000,000 totally clean money in whatever currency you want, if you’re reading this, if you return the money. Instead of being greedy, let’s act together and work for the future of finance,” he tweeted.

ICE/USD 4-hour chart | Source: TradingView

When the news of the hack was made public, the value of Popsicle Finance’s ICE token plummeted, initially dropping more than 55%. It has now recovered, but still down 30% from yesterday’s price. Despite being exploited, investors still seem to believe and buy Popsicle Finance. As we reported earlier, a similar sell-off took place after THORChain’s recent hack, and the project’s RUNE token has made a huge jump from post-hack lows.

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